What does it mean when there is "federal tax exemption for health insurance".. in simple words so i can understand clearly.. thank you.
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Health insurance premiums are not taxed at all under the following situations: 1. The taxpayer is employed and pays his health insurance premiums out of his pay before he pays taxes on his pay. This is "pre-tax". 2. The taxpayer is self-employed and pays health insurance out of his net profits. But there is no general exemption from federal tax for health insurance premiums.
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