Who can take the health insurance deduction?
On line 18 of the IA 1040 enter 100% of the amount paid for health insurance premiums on a post-tax basis. Premiums paid for long-term nursing home care also qualifies for this deduction. It may be to your advantage to take the deduction on line 18 instead of Schedule A. OnLine Taxes will help you figure out which credit is better you and complete the calculation for you if you qualify based on the information you enter during the interview. Note that no deduction is available to any individual who paid health premiums on a pre-tax basis. If you have included any health insurance premiums on Schedule A under medical and dental expenses, you must reduce your Schedule A by the amount of health insurance premiums deducted on line 15 of the IA1040. Make sure you enter this amount on the appropriate question when asked during the interview. Note that no deduction is available to any individual who paid health insurance premiums on a pre-tax basis. Pre-tax means to subtract such things as he
On line 18 of the IA 1040 enter 100 percent of the amount paid for health and dental insurance premiums on a post-tax basis. This includes all supplemental health insurance, such as Medicare B supplemental medical insurance and Medicare D voluntary prescription drug insurance program (not “Medicare tax withheld” on your W-2), and long-term nursing home coverage. It may be to your advantage to take the deduction on line 18 instead of Schedule A. Schedule A may not contain any health insurance premiums which were used as a deduction on line 18. Note that no deduction is available to any individual who paid health insurance premiums on a pre-tax basis. Pre-tax means to subtract such things as health insurance premiums from your gross wages before withholding taxes are computed. See your payroll department regarding pre-tax information.
