New Health Insurance Blog » United States

Are health insurance premiums that I pay and are deducted from my paycheck paid with after-tax dollars?

admin — Wed, 19 Nov 2008 19:10:21 +0000

davidgherron asked:

My health insurance is through my employer but I have to pay part of the premium and it is deducted from my paycheck each pay period. I am filing my taxes and am being asked if the premiums are paid for with after-tax dollars. Any answers?

Am I able to write off Health Insurance Premiums for tax purposes at the end of the year?

admin — Fri, 14 Nov 2008 22:59:10 +0000

Marcus W asked:

I am looking to purchase my own health insurance instead of going through my company. I know that the company takes out the cost on a pre-tax basis, but their insurance is not the greatest. If I do decided to sign up for health insurance, will I be able to use the cost of my own health insurance as a deduction fo tax purposes?

how can i tell if my health insurance benefits are pre taxed?

admin — Tue, 11 Nov 2008 21:50:17 +0000

montcoguy0o asked:

Keep in mind, your health insurance premiums can’t be deducted if they’re taken out of your paycheck as pre-tax dollars. However, after-tax health insurance premiums are deductible, but they still are subject to a limitation of 7.5% of your AGI. If you’re self-employed, you may deduct a portion of your health insurance premiums as an adjustment. The self-employed deductible portion is 100% in 2007.

health insurance?

admin — Tue, 11 Nov 2008 13:22:39 +0000

chan_jay asked:

My company allow me to buy my parent’s health insurance with me. can i include that amount into my itemize deduction? even though my dad file his own tax return; my dad is not a dependent on my tax return;

Can I reimburse myself health insurance costs from my company?

admin — Sun, 09 Nov 2008 18:30:11 +0000

Jackie S asked:

We used to have individual health insurance, and I would pay for it out of my own company (an S Corp). When we got insurance through my husband’s employer, I stopped reimbursing myself.
He is paid for by the company, and then it costs extra to add myself and our child.

I was just going to deduct health insurance premiums on our Sch A, but we don’t have enough other medical expenses to meet the limit.

Is it ligit to go ahead and reimburse myself the amount that it cost for the health insurance? Then it would be a business expense. Thanks.

How do health insurance tax deductions work for a member managed LLC?

admin — Mon, 27 Oct 2008 06:39:35 +0000

prizice24 asked:

I own a business (LLC) with two other people. It is only us three; we do not have any additional employees. We pay for our health insurance through our business. Based on these facts, I was wondering how much I stand to save on my personal taxes. Is this a standard write off like any other business expense or does the IRS treat health insurance differently?