walkinwood
Thinks s/he gets paid by the post
Hello,
Don't know what I was thinking of, but didn't realize till last week, when I used a 2005 (yes, 2005) version of Turbo-tax to estimate my post ER taxes, that Health-care insurance premiums are tax-deductible.
Here's the excerpt from irs.gov for those who, like me, are clueless about this.
Tax Topics - Topic 502 Medical and Dental Expenses
"Medical expenses include insurance premiums paid for accident and health or qualified long-term care insurance."
I was surprised to find that my federal income tax will be in the 3-5% range. I'm not eligible to withdraw from IRAs or 401Ks, so I will be tapping my taxable portfolio, and being in NJ, I have high Property taxes & Health-care premiums.
ww.
Don't know what I was thinking of, but didn't realize till last week, when I used a 2005 (yes, 2005) version of Turbo-tax to estimate my post ER taxes, that Health-care insurance premiums are tax-deductible.
Here's the excerpt from irs.gov for those who, like me, are clueless about this.
Tax Topics - Topic 502 Medical and Dental Expenses
"Medical expenses include insurance premiums paid for accident and health or qualified long-term care insurance."
I was surprised to find that my federal income tax will be in the 3-5% range. I'm not eligible to withdraw from IRAs or 401Ks, so I will be tapping my taxable portfolio, and being in NJ, I have high Property taxes & Health-care premiums.
ww.