Can I deduct health insurance premiums I pay via employer?

[Dakota731]

Can't seem to find a straight answer for this! Thanks

 

[Hundred Acre Woods]

You can on Sch A only if they are deducted from your paycheck post tax. If they are deducted pretax, you are already getting tax benefit. There are also limitations on itemized medical deductions.

 

[DrummerBoy523]

Odds are, those premiums come out pre-tax already so no. If they come out POST tax, you would have to have a BUNCH of medical expenses to deduct them.

 

[CdnCarrie]

We can here in Canada. It's right on the T4. You don't mention which country you're in.

 

[Anthony1971]

To add your expenses need to be more than 10% of your AGI unless you were born before 1952 in which case it would be 7.5%. At that pint it would be the amount above the percentage of your AGI. You can include premiums for insurance and medical expenses you paid. The easiest way to tell if your expenses were pretax or post tax is if your take home pay is 1,000 one week and next week it is 900 with a 100 insurance deduction than it is post tax.... either way still hard to meet the percentage for most people.... If you have an AGI of 50,000 and you have 6,000 in expenses than you will only benefit from 1,000....

 

[amcnj]

If you live in a state with income taxes, also be aware your state may have a medical deduction. If so, it might have a lower percentage threshold than the 10% federal one, and the premiums might be post-tax and usable for state income tax purposes, even if you don't have enough medical deductions to qualify for the federal deduction.

 

[goofytinkerbell]

1

 

[Lvsdisney]

To add your expenses need to be more than 10% of your AGI unless you were born before 1952 in which case it would be 7.5%. At that pint it would be the amount above the percentage of your AGI. You can include premiums for insurance and medical expenses you paid. The easiest way to tell if your expenses were pretax or post tax is if your take home pay is 1,000 one week and next week it is 900 with a 100 insurance deduction than it is post tax.... either way still hard to meet the percentage for most people.... If you have an AGI of 50,000 and you have 6,000 in expenses than you will only benefit from 1,000....

On my paycheck there is an asterisk next to the expenses that are pre-tax. I'm not sure if everyone's paystub shows that or not!