I don't earn any income from my former employer. Since I am on LTD, the company allows me to receive health insurance provided I pay the premiums monthly.
--------------------
If you are paying them from after tax money, which it sounds like you are, they can be a medical deduction. You add up all your eligible medical expenses, subtract 7.5% of your adjusted gross income, and that is your medical deduction. If that plus your other deductions is greater than you standard deduction, you can then subtract that from your AGI. Therefore the premiums may be deducted from your income before you calculate your taxes; they are not deducted from the tax itself.
Source
No comments:
Post a Comment