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Last year, while working full-time for a large financial company, I paid all of my health insurance costs to a separate carrier on an independent basis and did not pay into the company's plan at all. The cost to myself was significant, and I would like to know what part, if any, is deductible from my income tax.

Health insurance premiums are a medical expense deductible on Schedule A. There's an exclusion on medical expenses of 7.5% of AGI. See the instructions for Schedule A.

Phil Marti
VITA Volunteer
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