Is it legal to deduct med. insurance premiums on Fed or state tax returns?
I pay AARP a monthly sum for a medigap insurance policy. Can I take that as a medical deduction for long form this year? I know that Med. B premiums can be considered a med. expense.
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I'm not an accountant, but I do believe you can deduct your med premiums up to the limit of your percentage of adjusted gross income
You usually can deduct a certain percentage of your medical insurance. The proper percentage should be listed on your tax form.
The general rule for medical expenses (x) is that you can deduct whatever is over 7.5% of AGI. So the question is what is allowed on the list? I'll call the AARP 800 number tomorrow..
One CAN use medical insurance premiums when listing medical deductions. The total amount allowed is your sum minus 7.5% of AGI, as I said. Also 18 cents per mile for traveling to and from Dr's app'ts, and other medical related travel. I drive my mother, for example, and can use that mileage also.
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