Skip to main content
August 25, 2021
Question

health insurance deduction mass

  • August 25, 2021
  • 1 reply
  • 0 views

i need know how much my deduction in health insurance for my wife and me, and car deduction and rent deduction.

    1 reply

    Employee
    August 25, 2021

    There is no deduction on a federal tax return for rent.   Your state might have a credit for rent--depending on what state you live in.   If your state has something for rent it will be on the state return when you prepare it.

     

    As far as I know, the states that have anything for rent are Arizona, California, Connecticut, Hawaii, Indiana, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, Rhode Island, Vermont, Washington DC, and Wisconsin.

     

    If you have Marketplace health insurance    (Obamacare)  you must enter a 1095A on your tax return.  Otherwise, health insurance you paid out of pocket for is only deductible if you have enough itemized deductions (like mortgage interest, property tax, etc.) to exceed your standard deduction AND then only the amount of medical expenses over 7.5% of your adjusted gross income count toward those itemized deductions.    It is very hard to deduct medical expenses.

     

    As for car expenses....what do you mean?    Are you self-employed?   If you are self-employed you may be able to enter expenses for your car on a Schedule C.   Otherwise, you cannot deduct anything for your car.

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**