Re: Michigan Tightwads tax question

You can deduct your Aflac premiums alongwith your health insurance premiums, but only if they were paid with taxable income. If your premiums were deducted as a pre-tax benefit, than you cannot deduct those premiums as an itemized deduction on your Schedule A. And please remember, you can only deduct medical expenses that exceed 7.5% of your adjusted gross income. This means that if you have $4,925 in medical expenses and your AGI is $40,000, you can only deduct the expenses that exceed $3,000, so you could only deduct $1,925 of your medical expenses. Here is a list of commonly overlooked medical expenses that you can deduct as well:

•Travel expenses to and from medical treatments. The IRS evaluates the standard cents-per-mile allowance each year. For 2006, you can deduct eligible medical travel at 18 cents per mile; it's 20 cents per mile for 2007.
•Insurance payments from already taxed income. This includes the cost of long-term care insurance, up to certain limits based on your age.
•Uninsured medical treatments such as an extra pair of eyeglasses or set of contact lenses, false teeth, hearing aids, and artificial limbs.
•Costs of alcohol- or drug-abuse treatments can be counted on your Schedule A.
•Laser vision corrective surgery is a tax-allowable procedure.
•Medically necessary costs prescribed by a physician. That means if your doctor told you to add a humidifier to your home's heating and air conditioning system to relieve your chronic breathing problems, the device (and additional electricity costs to operate it) could be at least partially deductible.
•Some medical conference costs. You can count admission and transportation expenses to the conference if it concerns a chronic illness suffered by you, your spouse or a dependent. Meals and lodging costs while at the seminar, however, are not deductible.

I hope this helps!
:) Lisa

----- Original Message ----
From: Kristy <k_j_thomas2001@yahoo.com>
To: michigantightwads@yahoogroups.com
Sent: Tuesday, January 8, 2008 9:40:04 AM
Subject: Michigan Tightwads tax question

Hi guys,

Does anyone know if you can claim Aflac premium be deducted from your
taxes like your health premiums that you made through the year? Example
we paid $3267 in Health premiums and we Paid $1658 for the extra
insurance through Aflac. Can we combine that amount with our health
insurance premiums?
Thanks for any help

Kristy

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