How To Deduct Health Insurance Premiums

Contributed by mm | October 14, 2006 8:07 PM PST

MSN Money's Jeff Schnepper explains how you can get your health insurance premium deducted.

From MSN Money:

Any health insurance premiums you pay, including some long-term care premiums based on your age, are potentially deductible. You have to add these, however, to your medical expense pot. Medical expenses have to exceed 7.5% of your adjusted gross income (AGI) before they give you any tax benefit.

But if you're self-employed and not covered by any other employer-paid plan, you can deduct 100% your health insurance premiums above the line. Above the line means the expense is included in adjusted gross income and doesn't get lumped in with itemized deductions. That means that you not only don't have to exceed the 7.5% floor, you don't even have to itemize!

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