Insurance Premiums and Taxes

[chinaco]

Are Insurance Premiums Tax deductible? I am talking health and P&C... I know they are if the premiums are related to business...

But what about the FIRED person. Can we deduct Premiums? Where is the Insurance Lobby for that one?


Everyone has multiple Health and P&C costs.

• Basic health and hospitalization.
• LTC
• House Insurance
• Automobile.
• Some Others that are purely risk mitigation related to events.

The total pretax cost of these are high.

I know there are the HSA and maybe other things coming for basic Health?

But our house insurance, LTC, an Auto insurance adds up also.

Thoughts anyone?

 

[burch64]

Medical insurance premiums and your actual health costs that exceed 7.5% of your AGI are deductible if you itemize.

Only the amount over 7.5% is deductible you lose the first 7.5%

Jim