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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10814
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Am 80 and want to know if my secondary insurance ($290) per

Customer Question

Am 80 and want to know if my secondary insurance ($290) per month can be deducted on my taxes
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: What do you need to know?
JA: Is there anything else the Accountant should be aware of?
Customer: my son does my taxes and they are very simple. I pay Medicare premium plus my secondary and always end up paying $$$. Make $ from SS and Retirement and $500 a month from my IRA
Submitted: 4 months ago.
Category: Tax
Expert:  Lane replied 4 months ago.

Hi. My name's Lane. I can help here.

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I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, a Masters Degree, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986…

Please bear with me for a moment, while I prepare your response.

Expert:  Lane replied 4 months ago.

SO sorry, no. Insurance is only deductible in two instances.

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(1) If you are self employed.

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(2) If you itemize, and your premiums PLUS any other non-covered medical expenses exceed 7.5% of AGI.

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(Generally, you can deduct on Schedule A (Form 1040) only the amount of your medical and dental expenses that is more than 10% of your AGI. But if either you or your spouse was born before January 2, 1951, you can deduct the amount of your medical and dental expenses that is more than 7.5% of your AGI.)

Expert:  Lane replied 4 months ago.

Please let me know if you have any questions at all, before rating me.

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And if you DON'T have other questions Your positive rating … (by using those the stars or faces on your screen, and then clicking “submit”) …would be appreciated!

Otherwise I receive no compensation for the work.

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Thank you,

Lane