 Does health insurance cover orthodontic work? |
| I know it varies by all insurances, but I heard some health insurances cover this, while I thought only dental insurances would cover orthodontic work. Please let me know if this is true, thanks.... |
|
 Uninsured Americans? |
| Why is it that 37 percent of the uninsured live in households making more than $50,000 a year? I make just under $50K, have a stay-at-home wife, 2 kids, mortgage, car payment and pay $800 a month for ... |
|
 What insurance agency has the cheapest rates for full coverage car insurance? |
| I need some cheap full coverage car insurance if you know a company that has cheap rates let me know please!... |
|
 IS selling life insurance a good career opportunity? |
| I would like to know is selling life insurance a good career oppertunity. I can tell that people are l little skeptical when it comes down to selling insurance, But I would like to know if it is a ... |
|
 Workman's comp or Unemployment?? |
| Just curious. If someone got hurt on the job shouldn't they draw workman's comp? I know someone that this has happened to and she is drawing unemployment and has been for over a year. Does ... |
|
 Life Insurance which one is what? level term etc, confused please help? |
| I am 25, my wife is 25 and my son is 4 yrs old. I think its about time i got life insurance. Im slightly confused because most of the websites i have visited offer insuance for term cover? I dont ... |
|
 My son's back pack was stolen at school this past friday and inside it was a very expensive ipod and his cell |
| phone. he's reported it to the school that it was stolen. is it likely that my home owner's insurance will cover this loss and will i need to file a police report in order to file a claim ... |
|
 I just received a Speeding ticket for going 75MPH in a 55MPH zone.? |
| I'm 16 teen years old and my dad said if i got a speeding ticket he would take away my license what should I do. He is going to kill me. How should I tell him. Is there any way for the ticket to ... |
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 I got a letter from a life insurnace company that I own a life/annuity policy which I dont have. How come? |
| I got a letter from an insurance company (big, legit addresses)saying I own a life / annuity policy with them, and they give me a policy number, and ask me to send SSN/tax payer number back to them. I... |
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 Which life insurance is best for me? |
This is for usa
I am 20, my husband is 22, we have no kids yet. We currently rent an apartment, plan on having a baby in a year or two and buying a house in the next 5-6 years.
... |
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 Life insurance question? |
| My husband and I are looking into purchasing life insurance, and I'd like to get some input. (Although I give a lot of answers in the insurance category for other types of insurance, I don'... |
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 Hospital bills? |
| If someone was 77 yrs old and had medicare in the state of TN, will there be any bills for that person to stay in the hospital or will medicare pay it all? Or if medicare doesnt pay it all, will ... |
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 What should she do next about this insurance claim? |
| My niece's 3 year old fell into a drain on a platform on the National Rail network. I won't exaggerate, it wasn't a big drain, and it was one leg that went in but he did scrape his leg.... |
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 I fell at work today and they let me off early. Do I get reimbursed? |
| I'm 15 and I work at Dairy Queen. I slipped and fell on a wet floor today while holding a cup of open soda. I fell right on my tailbone and soda fell all over me and my hair was totally drenched.... |
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dodgerman57 | Are health insurance costs deductible? |
I am divorced and cover my two children on my insurance. Is that cost deductible on my Federal return? |
 |
 
mkulda
|
Normally the amount of money you pay as insurance premiums for health insurance is not deductible.
However, if you are a small business owner paying health insurance premiums for your employees and you use a tax advantaged plan like an HSA...you may be able to get certain tax breaks on your business' taxes.
But on personal income taxes you are not allowed to take a deduction on the amount you spend on health insurance premiums.
You can deduct certain medical expenses in excess of 7-1/2 percent of your gross adjusted income (AGI). |
|
President, www.HSAInside.com
|
I would suggest you open a HSA account, consult your CPA or the Internal Revenue Service. |
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Papa John
|
Health insurance premiums are only deductible, I believe, if you are self employed. Your medical bills are deductible. |
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karen h
|
yes..... |
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Charlie
 |
The premiums you pay for health insurance are not deductible. A certain percentage of costs NOT already coverd by insurance is deductible if over a set limit. Schedule A instructions explain this. |
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dltcpa
|
If you are self-employed...then you can deduct the premiums on Form 1040 Page one...up to the amount of your net self-employment income. Any amount not deductible here can then be added as a deduction on Schedule A. If you are an employee of a company...then it depends. If the employer pays all of the premiums....then none of the amount is deductible on your tax return. If you pay part of the premiums...then you may deduct the part you pay on Schedule A of your tax return. On Schedule A of your return, medical expenses must add up to over seven and one half percent of your adjusted gross income...before any of the expenses are deductible. Therefore, you often have to have a lot of medical expenses (including deductible medical insurance premiums) before any of your medical expenses actually get to be part of your bottom line Schedule A deductions. |
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Kitty
 |
If you are a business owner... YES. Even the premiums are.
If you are not then you can only put your bills towards a tax deduction using "schedule A" and your tax preparer will tell you if your deductions meet the limit. |
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stolibabe2003
|
I think you deduct medical bills if they are over a certain amount per year. Our accountant said if the amount was over $4,500, then we could start looking into deducting. |
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tigertiggerii
|
The simple answer: No it is not. |
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Kraftee
|
This is what the IRS says about it:
"Whose medical and dental expenses can you include?
You can include medical and dental bills you paid for:
Yourself and your spouse.
All dependents you claim on your return.
Your child whom you do not claim as a dependent because of the rules for children of divorced or separated parents.
Any person you could have claimed as a dependent on your return except that person received $3,300 or more of gross income or filed a joint return.
Any person you could have claimed as a dependent except that you, or your spouse if filing jointly, can be claimed as a dependent on someone else's 2006 return." |
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$$Cypher
|
Nobody bothered to ask if 1.) you were employed; 2.) you were paying these premiums via pre-tax payroll deductions; and 3.) if you qualify, will you pay more than 7.5% of your AGI (adjusted gross income) in medical expenses. Once those questions are answered, then your question can be resolved. |
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mbrcatz
|
No. The monthly premium for health insurance is NOT a deductible medical expense. Any actual medical costs that you incur, that are OVER 7% of your income, IF you itemize, are deductible.
Don't confuse "medical bills" which are deductible (if you itemize, and if they are more than 7% of your income - the first 7% worth of medical bills are NOT deductible), with INSURANCE PREMIUM, which is not. |
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