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Will we be able to deduct these premiums on our 2008 taxes?

Yes, as a medical expense on Schedule A

and would someone please explain why or why not?

Literally, because Congress is the Mommy and Congress says so. IRS confirms in Publication 502.

It's my understanding that if my premiums cost more than 7.5% of my AGI then I can deduct everything above that 7.5%. If 7.5% of $0 is $0, then we should be able to deduct all of it. But will that actually do anything for us, like increase our refund or would it simply serve to reduce taxable income to $0 and not really do anything to help us get a larger refund?

If you have no income you get no benefit from deductions.

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