Ask Terry Questions Health Insurance premiums as a tax deduction

Health Insurance premiums as a tax deduction

By Terry Savage on March 20, 2022 | Insurance & Annuities

Filling jointly with an agi of 100000 can we claim our premium insurance $930 a month out of packet?

Terry Says

Health insurance premiums are deductible on federal taxes, as these monthly payments for coverage are classified as a medical expense. The general rule is that if you pay for medical insurance with out-of-pocket money, then you would be allowed to deduct the amount from your taxes.

In 2021, the IRS allows all taxpayers to deduct their qualified unreimbursed medical care expenses that exceed 7.5% of their adjusted gross income. You must itemize your deductions on IRS Schedule A in order to deduct your medical expenses.

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