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Georgia deductions for High Deductible Health Insurance Plan

 

 

 

 

 

 

 

 

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Georgia deductions for High Deductible Health Insurance Plan

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Georgia deductions for High Deductible Health Insurance Plan


@Marc One wrote:

You have not answered the question. What do i place in the box for Georgia?

 

 

 


If your annual premium for the insurance is $614.10, that is the amount that you enter.

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8 Replies

Georgia deductions for High Deductible Health Insurance Plan

High Deductible Health Insurance Plan
Georgia allows you to deduct certain high deductible health insurance premiums if your single member health plan has a deductible of at least $1,200 and out-of-pocket of $6,050 or your family health plan has a deductible of at least $2,400 and out-of-pocket of $12,100.

The deduction would be an amount equal to 100 percent of the premium paid by the taxpayer during the taxable year for high deductible health plans as defined by Section 223 of the Internal Revenue Code. You can only deduct the amount to the extent the deduction has not been included in federal adjusted income and the expenses have not been provided from a health reimbursement arrangement and have not been included in itemized deductions.

In the event the taxpayer claims the expenses as itemized deductions, the taxpayer should multiply the expense by the ratio of total allowed itemized deductions after the 7.5% federal limitation to the total allowed itemized deductions before the 7.5 percent federal limitation to determine the amount that is not allowed to be deducted.

For example the taxpayer has $1,000 in high deductible health insurance premiums. They also have $7,000 of other medical expenses which means they have total medical expenses of $8,000. After the 7.5% limitation, the taxpayer is only allowed to deduct $2,000 of medical expenses. The $1,000 deduction must be reduced by $250 ($2,000/$8,000 x $1,000). Which means the taxpayer is allowed to deduct $750.

Georgia deductions for High Deductible Health Insurance Plan

What if my Medical Expenditures and High deductible do not exceed the Itemized deductions. 

I.e. Premiums $614.10

 

 

Georgia deductions for High Deductible Health Insurance Plan


@Marc One wrote:

What if my Medical Expenditures and High deductible do not exceed the Itemized deductions. 

I.e. 4300.00 is medical expenses with one month of Premiums included. 

What number would one use ?

Medical Expences
$2,684.63

Prscriptions
$1,038.53

Premiums
$614.10

Total
$4,337.26

 


Then only this would apply to your situation -

Georgia allows you to deduct certain high deductible health insurance premiums if your single member health plan has a deductible of at least $1,200 and out-of-pocket of $6,050 or your family health plan has a deductible of at least $2,400 and out-of-pocket of $12,100.

The deduction would be an amount equal to 100 percent of the premium paid by the taxpayer during the taxable year for high deductible health plans as defined by Section 223 of the Internal Revenue Code.

Georgia deductions for High Deductible Health Insurance Plan

So for Georgia, where would the High deduction category fall into?

 

 

 

Georgia deductions for High Deductible Health Insurance Plan


@Marc One wrote:

You have not answered the question. What do i place in the box for Georgia?

 

 

 


If your annual premium for the insurance is $614.10, that is the amount that you enter.

Georgia deductions for High Deductible Health Insurance Plan

Thanks!!!

Georgia deductions for High Deductible Health Insurance Plan

I have a High Deductible Plan and I'd like to deduct my premiums on my state return in GA.  However, I'm not sure how to figure out if  it has been included in my federal adjusted income - how do I determine this?.  I meet the requirements otherwise but just not sure how to check.  The amount of premiums was listed on my w-2 and I entered it.  I'm taking the standard deduction if that matters.  I looked at the forms in the software and did not see an entry on the worksheet... just want to make sure I'm not missing something.  Thanks for any replies!

*************************************************************************

 

 

 

The deduction would be an amount equal to 100 percent of the premium paid by the taxpayer during the taxable year for high deductible health plans as defined by Section 223 of the Internal Revenue Code. You can only deduct the amount to the extent the deduction has not been included in federal adjusted income and the expenses have not been provided from a health reimbursement arrangement and have not been included in itemized deductions.

BillM223
Expert Alumni

Georgia deductions for High Deductible Health Insurance Plan

The premiums for your HDHP insurance policy included on your W-2 in box 12 with a code of DD? That is, did your employer pay the premiums? If so, you cannot deduct them in Georgie (because the premiums were never in your income in the first place).

 

In this situation, you are not eligible to deduct the HDHP premiums in Georgia.

 

 

 

 

@GeorgiaGuy 

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