I am just trying to get an idea on what my W2 will look like. I am curious if line 1, or the wages, will be minus my health insurance because I pay for it with pre-tax dollars.
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NO, The Pretax health insurance is your personal stuff which you have to pay tax on it. Since you paid tax on it, you are allowed to claim the credit of the health insurance. Go to your schedule A, Line 1 and put the total expenses of insurance, medical expenses etc.. on line 1. Remember if your wages was $10,000 and your medical insurance was $700 annually, you can not deduct or claim as the amount greater than 7.5% of your income. You may use this formula to see if you can claim the medical and insurance amount or not. Even if you end up with some amount after you deduct the 7.5%, still you need to see total amount more than your standard deduction. It is little confusing to many, BUT it does frustrate a lot of people including myself.
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