High Deductible Health Insurance
Most premiums are paid with pre-tax dollars, which means they are deducted from your wages before taxes are applied. Deducting them again as a medical expense would be "double-dipping." You can only deduct the premiums if your employer included them in Box 1 Gross Wages of your W-2..Yes, you may be able to take a write-off for health insurance. But there are limits as to how much of your premiums you can write off. If you 're taking your health insurance as a medical-expense deduction on Schedule A, you can deduct only those medical expenses that exceed 10 of your adjusted gross income..
Health insurance premiums are deductible in two locations on your tax return. The place you deduct the premiums depends on whether you're self-employed or work .
Resources. Journal of Accountancy: Self-Employeds Can Deduct Medicare Premiums; Fox Business: How to Calculate Health Insurance Deductions; IRS Publication 535 .
Health Expenses You Can't Deduct. Even if a medical professional recommends them, you still can't claim certain things, including: Nonprescription Medication..
When it comes to insurance and tax deductions, the situation isn't black and white, more like shades of grey. Here's what you can and can't deduct .
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