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Itemized Deductions Schedule-A


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Old 01-29-2008, 06:08 PM
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Health Insurance Payments & Social Security Income

I retired at age 62 at the end of 2006 and only received social security income in 2007. I paid health insurance premiums. Can I file Form 1040 and take a deduction for my premiums? I paid no taxes last year and with only receiving SS, I didn't make enough to even have to file a return.



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Old 02-07-2008, 11:39 PM
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Linda,

I suspect that when you come down to filing your tax return, most of your social security income would be exempt from taxation. Furthermore, you would also enjoy the personal exemption and standard deduction that may effectively eliminate any taxable income.

So, there really may not be any need to deduct your premiums as the standard deduction would be substantially higher than itemization deductions in your case.

For your information, the standard deductions for 2007 are $7,500 for a Single, and $15,000 for Married Filing Jointly filiers.

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