Tax question: Is that health insurance premium we pay every month tax deductable as a medical expense?
My new address my be Sing-Sing.

Mr. Kenny:

Yes, if they are paid with after tax dollars. They are lumped in with the rest of your medical expenses and they are deductable TO THE EXTENT THEY EXCEED 7.5% OF YOUR ADJUSTED GROSS INCOME. (That's the number at the bottom of page 1 of your 1040.)
(I assume you are not self-employed and therefore not entitled to deduct 100% of your health ins. premiums BEFORE AGI (1040 p.1 line 29))

BUT, ( and isn't there always a but?) if you participate in an empolyer Sec. 125 (Cafeteria) Plan and have your health insurance premiums paid with PRE TAX dollars, they are not deductable again on your 1040. That's double dipping.

Note: Cafeteria plans are wonderful vehicles to get "tax deductions" for a host of things including ALL your medical expense without the 7.5% limitation.(subject to plan limits). And they are not too terribly difficult to administer.

FWIW: Tax evasion is a federal crime and you won't go to Sing Sing

Does the name Leona Helmsley ring a bell? She was a 70+ widow millionairess whose famous remark "Only little people pay taxes" got her about 3 years in the slammer for income tax evasion.

"The hardest thing in the world to understand is the income tax". Albert Einstein.

Thank You for the excellent response; I guess the smarmy, condescending 20 something insurance salesman didn't know what he was talking about after all.
He said "No health insurance is tax deductible, PERIOD" with a 'I don't know why you people are so stupid' attitude.
I knew he couldn't be entirely right, since we have been claiming health insurance as a medical expense for years and so have others I know....

Well it looks like I'll be living in the land of the free after all.