Question

HealthCare Monthly Premiums

Forum|Forum|3 years ago
June 8, 2022
1 reply
0 views

Can I deduct the monthly HealthCare premiums I pay out of pocket each month for our Health insurance? The insurance is for my wife and I each month.

A

AnthonyC_CPA

Yes. You can claim the monthly premiums that you pay as a medical expense if you itemize your deductions for income tax purposes. Medical expenses need to be greater than 7.5% of Adjusted Gross Income in order to claim on your federal tax return but the percentages are lower on state tax returns.

All the best!

AnthonyC_CPA

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