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RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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I stopped working two years ago. I am curious as to whether ...

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I stopped working two years ago. I am curious as to whether I can deduct the monies I spent during the 2007 fiscal year for my health care insurance? I paid almost $500 per month through COBRA, and when COBRA ended in July 2007 I have paid $341 per month through my older brother's health plan. For some reason I thought that non-working people can use their out-of-pocket health care payments as a tax deduction? Am I dreaming? Thanks.
Submitted: 8 years ago.
Category: Tax
Expert:  RD replied 8 years ago.

You can deduct medical insurance premiums as an itemized deduction on Sch A. Total medical expense over 7.5% of the adjusted gross income will be deductible as part of itemized deduction.


Let me know if you have any question.


Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

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