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Voluntary Deductions on my paycheck for health are they tax…

Hi, Voluntary Deductions on...

Hi, Voluntary Deductions on my paycheck for health are they tax deductible for my taxes?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Health insurance taken out of my paycheck as voluntary deduction

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Answered in 5 minutes by:
3/15/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,771
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Most health insurance premiums are paid with pre-tax dollars, which means they are deducted from your wages before taxes are applied. Deducting them again as a medical expense would be considered "double-dipping."

You can only deduct the health insurance premiums if your employer included them in Box 1 (Gross Wages) of your W-2.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 1 month ago
Thanks. What's the best way for an employee to file taxes who earned wages of $73,000 in w-2 and is itemizing for 2017?

Use Form 1040 and Schedule A to itemize any deductions that total more than your standard deduction.

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Customer reply replied 1 month ago
I mean as far as electronic filing, do you recommend Turbo Tax, any other online softwares or finding a local CPA?

I apologize. I misunderstood you.

With a W-2 and using Schedule A, I think you should be able to use TurboTax.

If you run into any problems, you can always get in touch with me, and I will help you.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,771
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Barbara and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
Awesome. Thank you so much!

My pleasure.

Thank YOU for the positive rating of my answer. It is very much appreciated.

Have a great weekend!

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Barbara
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Satisfied Customers: 5,771
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