02/01/2024
Health insurance premiums, including Medicare-B, -C, and -D; hospitalization; long-term care; and dental are all tax deductible, and subject to AGI limitations, if you itemize your deductions. If you are self-employed, including some partners, or a more-than-2% S corporation shareholder, you may be able deduct the premiums without itemizing and without AGI limitations.
Health insurance premiums, especially in the wake of the “Affordable Care Act,” have risen dramatically and are one of the largest expenses that most individuals pay. Although the cost of health insurance is allowed as part of an individual’s medical deductions when itemizing deductions, only ...