My employer reimbursed me for my medical premiums. These funds are included in box 1 on my W-2. Is this taxable income? Can I deduct this cost?
[Edited 1/19/2016] If your employer included the reimbursement in box 1, then the amount is taxable. If you itemize, you may deduct the cost of your health insurance if you are filing Schedule A and your total health costs, including insurance, exceed 10% of your Adjusted Gross Income.
My employer reimbursed me for my medical premiums. These funds are included in box 1 on my W-2. Is this taxable income? Can I deduct this cost?
[Edited 1/19/2016] If your employer included the reimbursement in box 1, then the amount is taxable. If you itemize, you may deduct the cost of your health insurance if you are filing Schedule A and your total health costs, including insurance, exceed 10% of your Adjusted Gross Income.
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