Health Ins. Premium deduction

[BrunetteBimbo]

I have a full time job but also have income from part time contract work. Can I deduct health ins. permiums that are paid out of pocket?  The part time work generates less income than my full time job.

[Opus 17]

If you have health insurance through your full-time job, most of the time the premiums are deducted pretax. You can’t take another separate deduction, because the money was already not part of your income.

if you do not acquire health insurance through your regular job but you are eligible for insurance, then you cannot use the small business health insurance deduction for your part-time business. You could only deduct your after-tax premiums as itemize deductions on schedule A.

if you pay out-of-pocket for your health insurance premiums on the open market, and you are not eligible for health insurance coverage through your regular employer, then you can use the small business health insurance deduction on schedule C.

[GROLSON]

I paid medical premiums for 2010 in full during 2019 Can that around be deducted from my 2019 taxes

[GROLSON]

my error paid 2020 premiums for medical insurance in 2019 can I deduct from my 2019 taxes

[DoninGA]

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@GROLSON wrote:

my error paid 2020 premiums for medical insurance in 2019 can I deduct from my 2019 taxes

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Only payments made in 2019 for your medical expenses can be entered on a 2019 tax return.  Payments made for medical expenses in 2020 have to be entered on a 2020 tax return to be filed next year in 2021.

[Opus 17]

Although the usual rule is that income is taxed when received (even if was earned in a different year) and expenses are deducted when actually paid (even if you got a bill in an earlier year); you can't take an itemized deduction for pre-paid medical expenses**.   You will have to deduct your 2020 insurance premiums on your 2020 tax return, even if you paid them in advance in 2019.

**There is one exception, if you are under age 65 and you are pre-paying for special health insurance that will only cover you after you turn 65, such as long term care insurance.  Some other conditions apply, so ask more questions or see a tax professional.