Thursday, December 23, 2010

If i pay health insurance for my daughter, can that be a write-off on my taxes?

I pay health insurance, deducted from my paycheck at work, for my daughter. Can I claim that on my taxes as a deduction?
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If it comes outof your paycheck, then it is eligible to be deducted on a pretax basis, under section 125 of the IRS code. If it comes out before tax, you cannot deduct it because you already have gotten the benefit of deducting it for tax purposes. If it comes out after tax, current laws do not allow you to deduct the premium from your tax return. This is something that has been proposed, but has not been passed into law yet.
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