Anwar H asked:
I am W2 employee and want to avail COBRA option from my previous employer. If I pay my insurance with after tax dollers, can I show tham as medical expense and deduct them while filing a tax.
I cannnot file my tax as itemize.
The only way to deduct medical expenses of any sort is to itemize your deductions. Even then – they have to exceed 7.5% of your adjested gross income. Pretty hard to do if you make a decent amount of $ and your expenses are fairly normal.
If you can’t file an itemized return… probably because you don’t make enough… then you can not deduct medical insurance premiums or anything else… that’s why they have the 1040 short form with a standard duction. You need to talk to a tax accountant, but I don’t think you will their answer any better than mine… and mine is free.
no, you can’t. because medical expenses HAVE TO be itemized, however if you have a C corporation you can deduct this.
In order to make a deduction for your medical expenses, including insurance premiums, you must itemize your deductions. However, if you have a business (i.e., sole-proprietorship, S Corporation or a Partnership), you may be able to deduct the insurance expenses as an adjustment to your Gross Income without itemizing your deductions.