RayW7
Expert Alumni

Get your taxes done using TurboTax

In addition to @Bsch4477 this information may be helpful-

 

If you’re self-employed, your health insurance premiums may be tax deductible.

 

If you’re self-employed and not eligible for an employer-sponsored health plan through a spouse’s job, you may be eligible to write-off your health insurance premiums on your taxes. However, you can’t write off more in health insurance premiums than you earned.

 

Health insurance premiums paid with your own after-tax dollars are tax deductible. For example, if you purchased insurance on your own through a health insurance exchange or directly from an insurance company, the money you paid toward your monthly premiums can be taken as a tax deduction.

 

Some Medicare plans are tax deductible. This includes Medicare Part B and Part D prescription coverage.

 

If you didn’t pay for health insurance, you can’t take a tax deduction for it. If your employer pays your health insurance premiums, you can’t deduct those costs. However, if an employer only pays for part of your premiums, you still may be able to claim a deduction for the portion you paid.

 

If you received a subsidy or premium tax credit to purchase a health insurance plan in the Health Insurance Marketplace through the Affordable Care Act, any advanced-payment subsidy that lowered the cost of your health insurance premiums cannot be claimed as a deduction. However, the money you paid out of your own pocket for your premiums might be tax deductible.

 

If you pay for health insurance with pre-tax money, you can’t take a deduction for health insurance. If you have insurance through your employer, the premiums you pay are usually taken out of your paycheck before you are taxed. Since these premiums are paid with pre-tax dollars, they’re already income-tax-free, meaning you can’t claim them as a tax deduction.