Claiming health insurance on your taxes?
Feb 03, 2010
in
Health
Claiming health insurance on your taxes?
Can you claim health insurance premiums and co-pays on your taxes. I pay 220$ a month for insurance plus co-pays for doctor visits and prescriptions. Is that all tax deductible? I am also claiming the Lifetime learning credit because I am a college student if that has an impact.
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6 comments
admin on February 3, 2010 at 7:36 am
If your premiums are deducted 'pretax' then you can not deduct the. Co pays will be deducted on Schedule A if you are itemizing your deductions.
admin on February 3, 2010 at 7:36 am
medical expenses are part of itemized deductions and if you don't itemize(which you probably don't) forget the whole thing
the education credit does cause a change
but if you don't have income, which you don't mention, why would you file at all?,
admin on February 3, 2010 at 7:36 am
You'd claim the medical insurance and any medical co-payments on Schedule A, medical deductions (upper part of form).
But you must itemize to get any tax benefit from it.
Educational credit/deduction may or may not have a bearing to the medical deduction, depending on which one you qualify for as the deduction affects the AGI amount which affects the medical deduction which is subjected to 7.5% of your AGI!
Use tax software to make the calculation!
admin on February 3, 2010 at 7:36 am
Maybe, but probably not. First of all, to claim medical expenses you have to itemize, and it's pretty unlikely you have enough deductible expenses to itemize. And even then, you can only claim the med expenses that are over 7.5% of your Adjusted Gross Income. And unless you have tax liability for the year, you'd get nothing for it.
You'd be a very unusual college student to really get anything tax-wise for your health insurance premiums and your copays.
Claiming health insurance on your taxes? | The insurance world blog on February 3, 2010 at 11:48 am
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