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	<title>New answer on: Can You Deduct Individual Health Insurance Premiums?</title>

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		<title>By: Marlin McKelvy</title>

		<link>http://insurancelibrary.com/health-insurance/can-you-deduct-individual-health-insurance-premiums</link>

		<dc:creator>Marlin McKelvy</dc:creator>

		<pubDate>Thu, 12 Jun 2014 15:36:32 +0000</pubDate>

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		<description><![CDATA[Technically, yes.&#160; However, how you file your taxes will have a lot to do with whether the deduction really amounts to anything.&#160; Depending upon how some self-employed persons and small&#160;business owners/partners structure their business and their tax arrangements makes a lot of difference.&#160; You need to talk with a CPA for that advice.

But, for the ordinary person who works for a company that doesn&#039;t provide health insurance and purchases an individual policy for themselves, the premium expenses can be included in that person&#039;s medical expense deduction on their individual income taxes.&#160; The problem most people are faced with is that under the new ObamaCare requirements, your out-of-pocket medical expenses in total have to exceed 10% of your adjusted gross income before you get any deduction at all (this is up from the previous 7.5% level).&#160; So, in practical terms, unless a person is really racking up some major health care expenses, very few taxpayers were reaching the old 7.5% threshold and even fewer will clear the new 10% level.&#160; Therefore, I would have to rate this as a paper deduction that, while you can report it, is largely an illusion for the average taxpayer.]]></description>

		

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