Saturday, December 25, 2010

Do I get tax credit for paying my own health insurance?

I made only 10k last year, but paying $1,300 for my health insurance
--------------------
Hello, CP! You cannot get a credit, but you can claim the payments as an itemized deduction on Schedule A as long as they were not paid pre-tax out of your paychecks. Remember, though, that this will only help you if your total itemized deductions exceeded your standard deduction ($5,150 for Single/Married Filing Separate, $10,300 for Married Filing Joint). If you only made $10,000 last year, I'm guessing that you don't have enough itemized deductions to worry about it. Check out the link below if you still want details on the itemized deduction option. Good luck! :-)
Source

No comments:

Post a Comment