Question on condition insurance premium deductibility?
Would health insurance premiums still be deductible as a medical expense if they are paid near pre-tax dollars under a section 125 plan?
Answers:
Afraid not. You own already received your deduction because they are pre-tax. You cannot double dip.
Even though you cannot deduct them on your income tariff return, that does not mean it's a bad impression to use your tax-exempt plan. When you fill out a 1040 schedule A, you can with the sole purpose deduct amounts above 7.5% of your gross income. Also, money run through the section 125 is exempt for social indemnity and medicare, as well as state and local income taxes. Dollar for dollar, a section 125 plan can well cut your tax bill by 25% or more depending on your tax bracket.
Of course not! You already get a deduction through the Sec 125 plan. Double-dipping is NOT allowed!
LOL! No if they are paid for next to pretax money or else you would be getting a tax speculation on income that was not taxed within the first place.
Related Questions:
Answers:
Afraid not. You own already received your deduction because they are pre-tax. You cannot double dip.
Even though you cannot deduct them on your income tariff return, that does not mean it's a bad impression to use your tax-exempt plan. When you fill out a 1040 schedule A, you can with the sole purpose deduct amounts above 7.5% of your gross income. Also, money run through the section 125 is exempt for social indemnity and medicare, as well as state and local income taxes. Dollar for dollar, a section 125 plan can well cut your tax bill by 25% or more depending on your tax bracket.
Of course not! You already get a deduction through the Sec 125 plan. Double-dipping is NOT allowed!
LOL! No if they are paid for next to pretax money or else you would be getting a tax speculation on income that was not taxed within the first place.
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