This is a big deal that I am just hearing about. I have a employer provided health insurance plan, like most people. My share per paycheck cost is very high, over $14k a year. I can now use this as a medical deduction for New Jersey?
Are we sure this not just for self-employed people?
Medical Expenses
You can deduct from your gross income certain medical expenses that you paid during the year for yourself, your spouse or domestic partner, and your dependents. However, you cannot deduct expenses for which you were reimbursed. Only expenses that exceed 2% of your income can be deducted.
Some examples of allowable medical expenses are: payments for doctor's visits, dental care, hospital care, eye examinations, eyeglasses, medicine, and x-rays or other diagnostic services directed by your physician or dentist. Insurance premiums, including amounts paid under Social Security for Medicare, can be used as medical deductions. You also can deduct transportation costs that are allowable on your federal return. If you deduct medical expenses in one year and are reimbursed in the next, you must include the reimbursement as income in the year you receive the payment.
Part of your medical expenses may include Archer MSA Contributions or a Self-Employed Health Insurance Deduction.
https://www.nj.gov/treasury/taxation/njit13.shtml
