health insurance premiums


N

nov8eight

Can a retired person deduct health insurance premiums? I
don't itemize, and they total about $3500 for 2004. I
suspect (??) that they can be deducted, but only worth it if
more than the standard deduction?? But what about the
state side of it, where there's no standard deduction. I
just did a draft of my return, and did not even consider
these insurance payments so maybe i should go back and
revise it?
 
Ad

Advertisements

D

David Woods, EA, ChFC, CLU

nov8eight@yahoo.com said:
Can a retired person deduct health insurance premiums? I
don't itemize, and they total about $3500 for 2004. I
suspect (??) that they can be deducted, but only worth it if
more than the standard deduction??
Either itemized or take the standard deduction.
But what about the
state side of it, where there's no standard deduction. I
just did a draft of my return, and did not even consider
these insurance payments so maybe i should go back and
revise it?
Without knowing what state you are referring to, it is
impossible to answer this question.
 
Ad

Advertisements

T

Thomas Healy

nov8eight@yahoo.com said:
Can a retired person deduct health insurance premiums? I
don't itemize, and they total about $3500 for 2004. I
suspect (??) that they can be deducted, but only worth it if
more than the standard deduction?? But what about the
state side of it, where there's no standard deduction. I
just did a draft of my return, and did not even consider
these insurance payments so maybe i should go back and
revise it?
Yes, along with other medical expenses on Schedule A. It
only provides a tax benefit if all medical expenses
(including that $799 Medicare premium) exceeds 7.5% of our
adjusted gross income. Te allowable medical expense, when
added to other itemized deductions needs to exceed your
standard deduction (difficult to do unless you still pay
mortgage interest on your home).
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top