I am a retiree from a university and pay over $300 per month for health insurance premiums through a retiree benefit plan from the university. Can I deduct this?
I am a retiree from a university and pay over $300 per month for health insurance premiums through a retiree benefit plan from the university. Can I deduct this?
It depends. Health insurance premiums paid with your own after-tax dollars are tax deductible but if they are paid with pre-tax dollars they're aren't deductible on your tax return.
Medical expenses must exceed 7.5% of your adjusted gross income (AGI) to count toward your itemized deductions and your itemized deductions must exceed your Standard Deduction for your filing status to itemize.