Are health insurance premiums that I pay and are deducted from my paycheck paid with after-tax dollars?
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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?
Forex Trading
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?
Forex Trading
November 22nd, 2008 at 3:43 pm
They are with after-tax dollars unless you are participating in a section 125 plan or the like.
November 23rd, 2008 at 6:37 pm
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.
November 25th, 2008 at 4:57 pm
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.
November 29th, 2008 at 12:52 am
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.
December 2nd, 2008 at 10:44 am
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.
December 5th, 2008 at 3:40 am
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:)
December 8th, 2008 at 3:16 pm
You should be able to tell from your pay statements. If you can’t, ask your employer.
December 11th, 2008 at 8:06 pm
It could be either way depending on what kind of plan your employer has set up.