{"id":34204,"date":"2022-11-14T04:43:20","date_gmt":"2022-11-14T04:43:20","guid":{"rendered":"https:\/\/nazing.co.uk\/?p=34204"},"modified":"2022-11-14T04:43:20","modified_gmt":"2022-11-14T04:43:20","slug":"frequently-asked-questions-about-health-insurance-tax-deductions","status":"publish","type":"post","link":"https:\/\/nazing.co.uk\/frequently-asked-questions-about-health-insurance-tax-deductions\/","title":{"rendered":"Frequently asked questions about health insurance tax deductions"},"content":{"rendered":"\n
Keeping detailed medical records can help you determine if you have potential tax-saving expenses.<\/p>\n\n\n\n
Taxes and health insurance are complex on their own. And the complexity is increased when you join them in questions like: “Are health insurance premiums tax deductible?” Here are six tax and health insurance considerations to help you keep the records you need to file each year.<\/p>\n\n\n\n
Based on tax rules for 2021, the IRS “allows taxpayers to deduct total unreimbursed annual qualified health care expenses in excess of 7.5% of their Adjusted Gross Income” (AGI) . For example, let’s say your AGI is $50,000 and your medical expenses are $6,000. Since 7.5% of your AGI is $3,750, you can deduct $2,250.<\/p>\n\n\n\n
You can generally deduct many out-of-pocket medically necessary expenses, including preventive care, treatments, surgeries, prescription drugs, as well as medical, dental, and vision supplies. (The IRS provides an exhaustive list.) You can also deduct transportation costs to and from medical care.<\/p>\n\n\n\n
You must itemize your medical deductions on the Form known as Schedule A (Form 1040 or 1040-SR) [Schedule A, Form 1040 or 1040-SR]. Generally, you should keep receipts for three years or more in case you become subject to audit.<\/p>\n\n\n\n