Tuesday, February 15, 2011

Information about doing taxes with medical insurance..is it included on 1040ez?

This will be my first year having my own medical and dental insurance, previously I was on my parents. I do my taxes on hrblock.com, the ez form. Is there a place where you list how much you paid into your insurance? I think the insurance is deducted before the taxes are taken out of my check. This may be a silly question, but I am curious.
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If it's taken out pretax by your employer, it'll be out of your W-2 amounts and you can use 1040EZ. If you were paying it yourself, you could only take it if you itemize, which requires a full 1040 form - even then it would not be likely to meet the limits to deduct it. So go ahead and use the 1040EZ if you qualify otherwise to use it.
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