Health Subsidies

davidgherron asked:


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?

Amy

Marcus W asked:


I am looking to purchase my own health insurance instead of going through my company. I know that the company takes out the cost on a pre-tax basis, but their insurance is not the greatest. If I do decided to sign up for health insurance, will I be able to use the cost of my own health insurance as a deduction fo tax purposes?

Sol

Siu B asked:


My mother is receiving her social security early at 60 years old under widowed category. But is not getting medicare yet. So she is qualified for the low income health benefits. While being placed on the waiting list, she is purchasing the health plan at $302 a month. Can she claim this as a deductible when filing for taxes? Does she have to meet the 7.5% rule for medical expenses?

Sylvester

Jackie S asked:


We used to have individual health insurance, and I would pay for it out of my own company (an S Corp). When we got insurance through my husband’s employer, I stopped reimbursing myself.
He is paid for by the company, and then it costs extra to add myself and our child.

I was just going to deduct health insurance premiums on our Sch A, but we don’t have enough other medical expenses to meet the limit.

Is it ligit to go ahead and reimburse myself the amount that it cost for the health insurance? Then it would be a business expense. Thanks.

Rupert

billdyer76 asked:


When a company grants medical (dental and vision as well) benefits to domestic partners, it adds the value of that benefit as if it was paid in cash to each paycheck. So, if you make 10$ per hour and you work 40 hours (400$) and your company values the benefit being granted to your partner as 100$ - you will be taxed as if you were paid 500$ - even though you only receive 400. I’m just wondering if this can be claimed or credited somewhere when I file this year…

Pauline

chan_jay asked:


My company allow me to buy my parent’s health insurance with me. can i include that amount into my itemize deduction? even though my dad file his own tax return; my dad is not a dependent on my tax return;

Cheri

Fraggle Rock & Roll asked:


for instance, a company pays half of a $400/week health insurance. The half that the company pays is added into your gross pay, making it look like you have made more money at the end of the year, when in fact you have not. Is this legal?

Darron

prizice24 asked:


I own a business (LLC) with two other people. It is only us three; we do not have any additional employees. We pay for our health insurance through our business. Based on these facts, I was wondering how much I stand to save on my personal taxes. Is this a standard write off like any other business expense or does the IRS treat health insurance differently?

Natalie