Posts tagged "premiums"

Can medical insurance premiums in paycheck be shows as medical expenses?

Question by Private: Can medical insurance premiums in paycheck be shows as medical expenses?
Our employer offers medical insurance for me.
I took family coverage as well. So for my spouse & kid I took family coverage.

Every month $ 200 is deducted in my pay check towards medical insurance.
Which adds up to $ 2400 every year.

Now at the year end taxes can I show $ 2400 towards medical expenses ?

Best answer:

Answer by card-ron
Probably not. Most medical insurance offered by employers is pre-tax. Since no income tax was paid on the money to begin with, you cannot take a deduction for it.

Even if the premiums are not pre-tax, you can only claim medical and dental expenses in excess of 7.5% of your adjusted gross income as a deduction.

Edit to add: RoBear is correct that it has to be a qualified plan in order to be pre-tax. My professional experience is that about 98% of employer’s plans are qualified plans and are thus pre-tax.

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