Medical Insurance or HMO premiums on taxes...???

S

sofa king

Forum Member
I think I have to pay maybe $40 or so out of pocket each paycheck for medical.
Is this something I can enter on my taxes?
I'm at a point in turbo tax that says Michigan lets you make an adjustment for medical insurance premiums when determining the amount of your homestead property credit.
Enter the amount you paid for you and your family for medical, dental and vision insurance, prescription drug plans and the medical part of your automobile insurance premiums.

So if I pay 40 a month, I could put $480 here???
 
I am not a tax guy, but I think I looked at this once and there is an "Income Test" on the itemized deduction form that you have to do in order to claim medical. Basically, it has to be a lot more than that.

-Geoff
 
I can't remember the dollar amount but I think you have to make less than $50k to get anything for the homestead property credit. Basically, if you take the standard deduction you're not going to get it. But anyway, you're on the right track. You should go get it off your car insurance statement of benefits also. My parents make $48-53k every year and I go through this exercise every year and I think it has happened twice in the last 10 years and it's only been when my Mom doesn't work as much.
 
I'm not a CPA, but I believe you can only claim those medical expenses that exceed 10% of your AGI, and also cannot count any expenses either reimbursed by your employer or HSA.

>> I think I have to pay maybe $40 or so out of pocket each paycheck for medical.
So, rough math. $40 x 26 paychecks (2 weeks?) = $1,040.
If your AGI (Adjusted Gross Income) is, say, $40k, that would be a $4k min floor before you could claim medical expenses, and even then, you could only claim those expenses above the $4k.
 
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