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Timothy Said:

can i deduct health insurance premiums withheld by a cafe 125 plan?

We Answered:

You have already deducted them.

The income isn't in Box 1.

Terri Said:

Can I deduct health-insurance premiums not when my S-Corp is operating?

We Answered:

No, the expenses have to be incurred during the period the S Corp was in existance. Pre-incorp health insurance premiums are not deductible. Why not incorp before you leave to travel?

Myrtle Said:

Can my employer deduct health insurance premiums after coverage is canceled?

We Answered:

You can only cancel your employer group coverage in accordance with the employer's group plan provisions. Some plans only permit that during "open enrollment" periods or because of a life-changing event (just deciding to drop it is NOT a life changing event).

Go see your H.R. function and find out what those provisions are.

Edgar Said:

Can I deduct insurance premiums paid by a fellowship if I'm also an independent Contractor?

We Answered:

All health insurance premiums that you pay (except by payroll deduction) can be deducted as medical expenses on Schedule A if you itemize, are not reimbursed, and do not deduct them elsewhere.

If you are asking about the self-employed health insurance deduction, although often (and incorrectly) claimed by independent contractors, that deduction actually applies only to a health insurance plan that is part of your business (independent contracting), not an individual plan or the university health plan.

Lloyd Said:

Can I deduct my health insurance premiums?

We Answered:

Some thing is wrong with this check being made to your employer for the medical insurance premiums being made to your employer for the year 2010 that the employer is supposed to be paying for the family coverage amount.
If you plan on using them as a deduction on your 1040 tax form schedule A itemized deduction make sure that the information is on each check as to what it is for in case you need the information in the future.
All of your unreimbursed medical insurance premiums are included along with all of your other medical insurance premiums and unreimbursed medical expenses on the schedule A itemized deductions of the 1040 tax form. The total medical expenses would be subject to the 7.5% of adjusted gross income limit before any of the medical expenses could be used. The amount over the limit would then be included with all of your other itemized deduction on the schedule A of the 1040 tax form.
For more information go to www.irs.gov and use the search box for publication 502

http://www.irs.gov/publications/p502/ind…

Jose Said:

My employer doesn't offer health insurance. Can I deduct my health insurance premiums from my taxes?

We Answered:

You can deduct medical expenses you paid out of pocket on Schedule A, to the extent those expenses exceed 7.5% of your income.

If you had any self-employment income, you could take 100% of those out-of-pocket medical insurance premiums off that income, up to the net income from self-employment.