Skip to main content
July 13, 2020
Question

Can I deduct the cost of health, dental & vision insurance that is deducted from my pay check?

  • July 13, 2020
  • 2 replies
  • 0 views
What about the premiums that I pay weekly from my check for health, dental and vision?

2 replies

Employee
July 13, 2020

The premiums for medical insurance paid by you can be deducted as a medical expense deduction on your federal tax return. The amount that can be deducted is the amount in excess of 7.5% of your Adjusted Gross Income. You may get a tax benefit if the total of all your itemized deductions exceed the standard deduction for your filing status. Since standard deductions were increases substantially starting with tax year 2018, fewer people have enough itemized deductions to get any benefit from them. 

Here are the standard deduction amounts:

Single - $12,200 add $1,600 if age 65 or older
Married Filing Separately - $12,200 add $1,600 if age 65 or older
Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
Head of Household - $18,350 add $1,600 if age 65 or older

July 13, 2020

that depends on whether you employer has a Flexible Savings Account benefit program or not.  with an FSA  those payments would be deducted from your gross pay (line 1 of W-2) so you would not be entitled to a deduction for them.  unsure?  if that's the case. only your employer can answer.