Monday, January 17, 2011

I forgot to add my health insurance premiums on my 2007 taxes can I make up for it on my 2008 taxes?

When I filed my 2007 tax return, I forgot to add in my health insurance premiums, can I put that into my 2008 tax returns? both 2007 and 2008 health insurance premiums?
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No you can not make up for errors on your 2007 return by making up for the error on your 2008 return. You would have to file an 2007 amended return (1040X). I doubt that it is going to be worthwhile. Health insurance premiums are deductions from taxable income not tax credits applied to your calculated tax liability. Plus your medical deductions must exceed 7.5% of your adjusted gross income to have any effect on your final tax calculation. That being said don't take my word for it. I am advising you based on typical circumstances. I don't know the specifics of your taxable income or the extent of your schedule A itemized deductions. Always seek professional guidance.
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