Are health insurance premiums that I pay and are deducted from my paycheck paid with after-tax dollars?
December 25th, 2009 | by admin |My health insurance is through my employer but I have to pay part of the premium and it is deducted from my paycheck each pay period. I am filing my taxes and am being asked if the premiums are paid for with after-tax dollars. Any answers?
Premiums are tax deductable as a part of your medical expenses if you are filing long form. You add up every co-pay you made to doctors, hospitals, and prescriptions and the total cost you paid for these premiums and then you get a percent of that total back on your taxes. Anything that you paid for any type of health care is deductable as long as you have a receipt (or in the case of health premiums you pay) they are on the W2.
8 Responses to “Are health insurance premiums that I pay and are deducted from my paycheck paid with after-tax dollars?”
By botygy on Dec 26, 2009 | Reply
They are with after-tax dollars unless you are participating in a section 125 plan or the like.
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By lepr0kan on Dec 26, 2009 | Reply
No, if your insurance is deducted from your paycheck it is paid before taxes. The question is referring to people who purchase insurance individually outside of work.
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By NYkool on Dec 26, 2009 | Reply
Premiums are tax deductable as a part of your medical expenses if you are filing long form. You add up every co-pay you made to doctors, hospitals, and prescriptions and the total cost you paid for these premiums and then you get a percent of that total back on your taxes. Anything that you paid for any type of health care is deductable as long as you have a receipt (or in the case of health premiums you pay) they are on the W2.
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By pinky on Dec 26, 2009 | Reply
I pay mine with pre-tax dollars because my employer gives me that oppurtunity. It actually says on my paystub that the amount taken from me was pre-tax. If it doesn’t state it on your paystub, you’d have to ask whomever does the payroll at your place of business to confirm how the deductions were taken from you.
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By Vanilla Child on Dec 26, 2009 | Reply
You should be able to get that information from your HR/company. A lot of companies have what they call a "cafeteria plan" which pays your insurance first then the rest of the income is taxed.
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By lonnie on Dec 26, 2009 | Reply
Your pay stub should have a break down of what went where.
Taxes are usually taken out first thing, then other things such as credit union, health ins. and so on.
Medical expenses, including ins. are deductible IF they exceed a certain % of you income (long form).
And simple enough, you may be able to ask your employer or someone that does payroll. (Hope you get a refund:)
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By engineer50 on Dec 26, 2009 | Reply
You should be able to tell from your pay statements. If you can’t, ask your employer.
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By Judy on Dec 26, 2009 | Reply
It could be either way depending on what kind of plan your employer has set up.
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