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Itemized Deductions Schedule-A


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Old 05-24-2008, 11:28 AM
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Medical insurance deductible?

Are medical insurance premiums deductible if totally paid for by the IRS filers?
Soon to be retired and not yet 65 so will be paying permiums for both spouses who file jointly.

If related to a % point what would that be and how does this apply to income amount?

Thanks



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Old 05-29-2008, 10:12 AM
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How much of the medical insurance premiums are deductible?

Medical Insurance payments are subject to the 7.5% Adjusted Gross Income limitation rules. That is, they are only deductible to the extent that they exceed the 7.5% AGI amount.

Your filing status does not make a difference as far as the 7.5% AGI limit is concerned. Unfortunately, there are no exceptions for retiree's or taxpayers who have reached age 65.

I would recommend that you keep an excellent record of all your medical and dental out of pocket expenses along with hospital expenses and prescription expenses. These would then be combined with the medical insurance premiums paid, and it may than be possible to exceed the 7.5% AGI limit.

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Old 05-30-2008, 06:54 PM
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Medial Insurance

Thanks for the reply - just a follow up- then any medical expense above the 7.5 % of AGI is deductible not all of it if you meet the 7.5 % correct?

thanks



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