What % of yearly income to deduct health care from taxes?
June 25th, 2009 | by health |
smilinginside5 asked:
How much of your salary do you have to pay in health care premiums and out of pocket expenses (like clinic bills) to be able to itemize them and use them as a deduction on your federal taxes? I’ve added it all up, premiums and out-of-pocket expenses, and co-pays at clinics and dental offices and it’s about 17% of our yearly income.(somewhere around 7-8 grand) Is this enough of our income to qualify to do this? And how much of that amount do you usually get back? Thanks
And how much of what you deduct do you get back?!
FERNANDO
How much of your salary do you have to pay in health care premiums and out of pocket expenses (like clinic bills) to be able to itemize them and use them as a deduction on your federal taxes? I’ve added it all up, premiums and out-of-pocket expenses, and co-pays at clinics and dental offices and it’s about 17% of our yearly income.(somewhere around 7-8 grand) Is this enough of our income to qualify to do this? And how much of that amount do you usually get back? Thanks
And how much of what you deduct do you get back?!
FERNANDO
33 Responses to “What % of yearly income to deduct health care from taxes?”
By wartz on Jun 28, 2009 | Reply
You can deduct health care expenses to the extent they are more than 7.5% of your income.
By travelguruette on Jul 1, 2009 | Reply
It has to be over 7.5% of your income. It is an itemized deduction. You need enough itemized deductions to be more than your standard deduction.
By Dawn R on Jul 2, 2009 | Reply
Well medical expenses go on a Schedule A which is for itemized deductions, you need to have over your standard deduction for it to amount to anything and, even at that, it is only a deduction so it does not decrease your tax dollar for dollar. A deduction decreases your tax by the dollar amount at your effective tax rate (*ex. itemized deductions in the amount of $14,000 is only $3,100 over your standard deduction so dollar amount of savings if you were in the 10% tax bracket would only be $310)
Also you can only deduct after-tax health care premiums. You will want to look on your most recent pay stub to see if the insurance is pre-tax or after-tax. Most people are unable to take the deduction in the year because of that.
*Married Filing Jointly example
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