Thursday, December 30, 2010

Can I deduct my health insurance premium on my personal tax return?

I don't have a benefits package where I work so I pay for my health insurance out of pocket $200 a month. Can I deduct it on my personal tax return? I haven't in the past but I never questioned my tax preparer about it and he or she never asked
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The 2 above posters are correct about being able to deduct your premiums as an itemized deduction subject to the 7.5% AGI limitiation. However, you may be able to deduct 100% of your health insurance premiums IF you have any self employed income to show for the tax year. IF you do have self employed net income then you can take an above the line tax deduction for 100% of you and your family's health insurance premiums (but you can't use the deduction to give yourself a loss for your schedule C or wherever else you are putting your SE income).
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