Whether or not health insurance premiums are tax deductible depends on several factors, including:
- How you pay for the premiums: If your employer pays your premiums as part of your benefits package, then they are not deductible. However, if you pay for your premiums yourself, then you may be able to deduct them.
- Whether you itemize your deductions: You can only deduct health insurance premiums if you itemize your deductions on your tax return. If you take the standard deduction, then you cannot deduct your premiums.
- Your total medical expenses: You can only deduct your health insurance premiums if they, along with your other medical expenses, exceed 7.5% of your adjusted gross income (AGI) for the tax year.
Here are some general guidelines:
- If you are self-employed and pay for your own health insurance premiums, then you can deduct them as a business expense.
- If you are retired and receive health insurance through Medicare, then you can deduct the premiums if you meet the itemization and AGI requirements.
- If you have a health savings account (HSA) and use it to pay for health insurance premiums, then you can deduct the contributions to your HSA, but not the premiums themselves.
Here are some resources that you can consult for more information:
- The IRS website: https://www.irs.gov/pub/irs-pdf/p502.pdf
- A tax professional: A tax professional can help you determine whether or not you can deduct your health insurance premiums and can also help you claim any other deductions that you may be eligible for.
