I already know that Health Insurance Premiums can be tax deductible. It depends if the premium is taken out of taxed or nontaxed moeny(earnings). I'm just not sure how to tell the difference when looking at my W2's. Please help and thanks.
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Health insurance premiums that YOU pay and not your employer will be in Box 12, Letter "D". If there is a difference between Line One and Line three [or five], subtract letter "D" in Box 12 from Line 3. You should get Line One to the penny. If you do, your health insurance premiums are not being taxed and you can not deduct the premiums. If it does not come out exactly correct, go to your payroll and point this out to them. You may have had to chip in a little for the premiums. You may be able to deduct that, subject to the 7.5% of your adjusted gross income that is subtracted from your health insurance, medical expenses, doctor visits, X-rays and the like.
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