Business Services Industry
The Hartford Courant, Conn., Money Talk Column.
Knight Ridder/Tribune Business News, March, 2004
By Matthew Lubanko, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Mar. 14--PREMIUMS NOT ALWAYS DEDUCTIBLE--QUESTION. Are the health insurance premiums that I paid in 2003 fully deductible on my federal income tax return?
K.C. -- Oak Park, Ill.
ANSWER. Some taxpayers can fully deduct the health insurance premiums they paid in 2003.
Others can deduct a portion of this health care-related expense.
And some might have to look elsewhere for deductible expenses. They probably made too much money in 2003, or they were not self-employed.
To see whether you might be able to deduct part or all of your 2003 health insurance premiums, let's review three hypothetical cases.
Case 1: Let's assume...
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