joans Posted April 13, 2009 Report Share Posted April 13, 2009 I have been getting a lot of people asking about deducting health insurance premiums from their Standard Deduction. As far as I know it is just property taxes if they don' itemize ($500 & $1000 respectively). Am I missing something or are they just misinformed? Please let me know. Thanks. Sara Quote Link to comment Share on other sites More sharing options...
mcb39 Posted April 13, 2009 Report Share Posted April 13, 2009 I have been getting a lot of people asking about deducting health insurance premiums from their Standard Deduction. As far as I know it is just property taxes if they don' itemize ($500 & $1000 respectively). Am I missing something or are they just misinformed? Please let me know. Thanks. Sara You are correct. It is just property tax. However, self employed people can take a deduction for Health Insurance on Page one Line 29 of 1040. That might be what they are thinking of. But, this does not apply if the spouse has insurance at work. Quote Link to comment Share on other sites More sharing options...
cathyan Posted April 13, 2009 Report Share Posted April 13, 2009 I'm in MO and and qualfied health care premiuns can be duducted from federal AGI this year. Maybe your state, too? Quote Link to comment Share on other sites More sharing options...
joans Posted April 13, 2009 Author Report Share Posted April 13, 2009 Where on the federal form? I know about the self-employment health insurance, but can anyone take it even if not self-employed? Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted April 13, 2009 Report Share Posted April 13, 2009 Cathyan is referring to the state income tax. What state are you in? taxbilly Quote Link to comment Share on other sites More sharing options...
joans Posted April 13, 2009 Author Report Share Posted April 13, 2009 Wisconsin Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted April 13, 2009 Report Share Posted April 13, 2009 Where on the federal form? I know about the self-employment health insurance, but can anyone take it even if not self-employed? No, that is the only way that it can be taken other than by itemizing. Quote Link to comment Share on other sites More sharing options...
joans Posted April 13, 2009 Author Report Share Posted April 13, 2009 That's what I have been telling people, but one client said he talked to a buddy of his who had just come from his "tax preparer" who said he could:) Man, I love it when people talk to people and totally confuse the process:) Thanks for the feedback everyone. 2 more days!!!!!! Sara Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted April 13, 2009 Report Share Posted April 13, 2009 Yes, and given that a few states allow something like that, it adds to the confusion. Hang in there, it will calm down soon. Quote Link to comment Share on other sites More sharing options...
Tax Prep by Deb Posted April 13, 2009 Report Share Posted April 13, 2009 Yes, and given that a few states allow something like that, it adds to the confusion. Hang in there, it will calm down soon. I am counting the days, hours, seconds! This has seemed like a verrrrry long tax season and I am so ready for a break for my mind. I actually think my brain is hurting! Deb! Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted April 13, 2009 Report Share Posted April 13, 2009 I don't think I have enough brain left to hurt but my eyeballs are smarting from lack of sleep. Quote Link to comment Share on other sites More sharing options...
OldJack Posted April 13, 2009 Report Share Posted April 13, 2009 >>2 more days!!!!!!<< Not me! I am doing my last tax return today and taking the rest of the week off. Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted April 13, 2009 Report Share Posted April 13, 2009 Well, don't gloat, just send supportive soothing messages to the rest of us while we are green with envy and other stuff! Quote Link to comment Share on other sites More sharing options...
Bart Posted April 13, 2009 Report Share Posted April 13, 2009 I am counting the days, hours, seconds! This has seemed like a verrrrry long tax season and I am so ready for a break for my mind. I actually think my brain is hurting! Deb! 2 days 10 hours 51 mins Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 13, 2009 Report Share Posted April 13, 2009 Jack, I'll pay your airfare so you can work for me Tuesday and Wednesday! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.