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I had two employers in 2020 and both paid a portion of my health insurance. I paid the balance. Can I deduct my portion under Wisconsin state taxes?
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I had two employers in 2020 and both paid a portion of my health insurance. I paid the balance. Can I deduct my portion under Wisconsin state taxes?
Yes, you can deduct the medical insurance premiums that you paid out of pocket. You will enter them under Medical on your federal return. They will carry over to the state return so that you can get any state credit applied to your Wisconsin return.
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I had two employers in 2020 and both paid a portion of my health insurance. I paid the balance. Can I deduct my portion under Wisconsin state taxes?
@DanPaul02 wrote:
Yes, you can deduct the medical insurance premiums that you paid out of pocket. You will enter them under Medical on your federal return. They will carry over to the state return so that you can get any state credit applied to your Wisconsin return.
In most cases, your share of the premium is deducted from your paycheck on a pre-tax basis. Since it is already tax-free, it cannot also be used as a tax deduction.
It would be very unusual for your employer to deduct premiums after-tax. You may need to check with your employers if you aren't sure.
If you paid for COBRA insurance out of pocket, or other private insurance out of pocket while you were between employers, that is an allowable tax deduction.
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