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Question about the Medical Expense Tax Deduction
Posted on 11/20/14 at 11:55 pm
Posted on 11/20/14 at 11:55 pm
Does the medical insurance premium paid for through a work insurance plan that is paid with pre tax dollars count towards the 10% threshold to receive the tax deduction associated with the medical expense provisions?
For example:
- If I make $75,000
- have a pretax premium of $2,600 a year
- spend $8,000 (including the $2,600 premium)
Does the $2,600 count towards the 10% threshold for the deduction and am I able to now deduct $500, or do I need to spend another $2,600 above the $7,500 which would equal 10% to start receiving a deduction?
Likewise because qualified dental and vision expenses do count towards the 10% threshold, do the dental and vision premiums apply to the 10%?
For example:
- If I make $75,000
- have a pretax premium of $2,600 a year
- spend $8,000 (including the $2,600 premium)
Does the $2,600 count towards the 10% threshold for the deduction and am I able to now deduct $500, or do I need to spend another $2,600 above the $7,500 which would equal 10% to start receiving a deduction?
Likewise because qualified dental and vision expenses do count towards the 10% threshold, do the dental and vision premiums apply to the 10%?
2
Posted on 11/21/14 at 7:24 am to bwm14
No
Posted on 11/21/14 at 8:21 am to iAmBatman
Think about it. Your medical insurance is already pre-tax. You pay zero income tax on it. You can't double dip and deduct it on income taxes.
Posted on 11/21/14 at 8:23 am to bwm14
Try it and report back to us with the results! 
Posted on 11/21/14 at 10:52 am to Chaplain
Figured but thought I'd ask.
Posted on 11/21/14 at 11:10 am to bwm14
You only get a deduction for policy premiums if you are self-employed.
Posted on 11/21/14 at 1:04 pm to VABuckeye
quote:
You only get a deduction for policy premiums if you are self-employed.
If you are self-employed, you can take a deduction on Page 1 if you have self-employment income high enough to take the deduction, or, you can add to medical expenses on Sch A.
Non-self-employed people can take the deduction on Sch A if they pay for the premium with after tax dollars. Most people who get their insurance from work, pay their income tax using pre-tax dollars.
But if you purchase insurance on your own, you can count it towards your Sch A medical deductions. I have some retired, unhealthy clients that end up being able to deduct a good chunk of their medicare and supplemental premiums on Sch A.
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