Friday, November 29, 2013

Are the premiums for self insured starting Jan. 2014 tax deductible?

If you actually pay for the premiums then yes they are deductible. If you receive a subsidy then that part of the premium paid by the subsidy is NOT deductible.  But remember that you can only deduct those medical expenses that exceed 10% of your AGI (7.5% if you are age 65 or above). And your total itemized deductions would need to be greater than your standard deduction or else you are better off using the standard deduction.

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