Monday, June 27, 2011

can i deduct health insurance I paid when I was off work sick?

my employer paid 1/2 and i paided the other half when I could not work can I deduct my 1/2 I paid out of my saving acct
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You can deduct health insurance that you paid only if you itemize you deductions and then the deduction will only be everything you spent on medical, including dentist bills, prescriptions, doctor bills, mileage to and from the doctor or dentist as well as you health insurance premiums over 7 1/2% of your net income. Your itemized deductions needs to be over $5000 if your single for it to be to your advantage to use it, otherwise, you need to file the standard deduction which will have you paying a lower tax.
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