I get $5,500 annually in a health reimbursement account, my health insurance premium annually is $7,200. Can I deduct anything?

wilsonsll — Thu, 06 Jun 2019 05:51:13 GMT

In most cases, you can't deduct your share of health cove...

MichaelDC — Thu, 06 Jun 2019 05:51:16 GMT

In most cases, you can't deduct your share of health coverage costs for a group plan offered through your employer.

The reason? Most premiums are paid with pre-tax dollars, which means they are deducted from your wages before taxes are applied. Deducting them again as a medical expense would be "double-dipping."

You can only deduct the premiums if your employer included them in Box 1 (Gross Wages) of your W-2. However, this is highly unusual and contrary to the standard practice.

Similarly, HSA and MSA contributions that come out of your paycheck aren't deductible either, as these contributions are funded with pre-tax dollars.

topic I get $5,500 annually in a health reimbursement account, my health insurance premium annually is $7,200. Can I deduct anything? in Deductions & credits

I get $5,500 annually in a health reimbursement account, my health insurance premium annually is $7,200. Can I deduct anything?

In most cases, you can't deduct your share of health cove...