Children policy will get tax benefits in which section?

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etaxmentor
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Joined: Fri Sep 28, 2012 5:21 am
Location: india

Children policy will get tax benefits in which section?

Postby etaxmentor » Fri Jan 11, 2013 2:53 am

I am married 25 year old from Hyderabad(India), i have baby boy of 8 month. If i am taking a children policy for my baby and i will be paying the installments for that then will i get tax benefit on those installments under which section Please tel me?

Matthew Clinger
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Re: Children policy will get tax benefits in which section?

Postby Matthew Clinger » Fri Jan 11, 2013 4:13 am

According to the book I used when I recently passed an H&R Block tax preparation course, "premiums paid for medical insurance are deductible if they provide for reimbursement for hospitalization, surgical fees, other medical or dental expenses, prescription drugs, or lost or damaged contact lenses". However, it is not deductible if it covers "loss of life, limb, or sight".

I believe this would be on Schedule A, line 1. However, considering that itemizing loses you your standard deduction, you might wish to go without itemizing unless it exceeds the standard deduction. Also, if the medical expenses do not exceed 7.5% of your adjusted gross income(found on lines 37 and 38 of the 1040), you will not be getting a deduction from it.

(This is US tax law. If you are still located in India, then this does not apply to you)

bpgui
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Re: Children policy will get tax benefits in which section?

Postby bpgui » Fri Jan 11, 2013 4:17 am

The op is a spammer. Don't bother


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