Is it legal to deduct med. insurance premiums on Fed or state tax returns?

Asked by gailcalled (54647

) March 3rd, 2007

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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4 Answers

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

kelly (1918

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You usually can deduct a certain percentage of your medical insurance. The proper percentage should be listed on your tax form.

peggylou (1141

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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..

gailcalled (54647

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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.

gailcalled (54647

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