Sunday, February 6, 2011

If you itemize, can you deduct health insurance premiums that you have paid?

I used the free version of Tax Act and was surprised when a box popped up and asked me for the amount of health insurance premiums I had paid.
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yes, you can. however, after you enter all your medical expenses, including your health insurance premiums, you next have to deduct .7.5% of your adjusted gross income. after doing this, many people lose their health care deduction.
Source

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