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j-t
New Member

Insurance premium deduction

Retirement benefit gets deposited in my bank account.  Premiums are deducted from my bank account.  Are premiums deductible?  No 1099-R for retirement benefit.
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Phillip1
New Member

Insurance premium deduction

If health insurance or long term care premiums are withdrawn from your bank account, they are deductible expenses. Funds in a bank account (unless the account is a pre-tax retirement account like an IRA) are considered "after-tax" dollars, this makes withdrawals for deductible expenses like health insurance deductible.

However, if the premiums were deducted directly from your retirement benefit (without being included in your income) the premiums would not be deductible because the expenses was paid with "pre-tax or untaxed" funds.

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1 Reply
Phillip1
New Member

Insurance premium deduction

If health insurance or long term care premiums are withdrawn from your bank account, they are deductible expenses. Funds in a bank account (unless the account is a pre-tax retirement account like an IRA) are considered "after-tax" dollars, this makes withdrawals for deductible expenses like health insurance deductible.

However, if the premiums were deducted directly from your retirement benefit (without being included in your income) the premiums would not be deductible because the expenses was paid with "pre-tax or untaxed" funds.

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