Can I deduct medical insurance premium from new jersey tax return (NJ1040)?

Question

I have a question regarding New Jersey Tax Return (NJ-1040) for the year 2004. In line 31 Medical Expenses, can I deduct my monthly health insurance plan premium? My company detuct this premium from my monthly pay check. But the W2 form box

16 "State wages, tips" still include this amount. For example my monthly salary is $X. Our company offer group health care insurance plan and the monthly premium I have to pay is $Y. The monthly pay check I received from my company is thus $X - $Y. The W2 form box 16 "State Wages, tips" show $12X. So can I detuct $12Y as medical expnse in the form NJ-1040 line 31? Note that W2 form box 1 for federal wage shows $12X - $12Y.

>
>
>

Bob Sandler · Accepted Answer

Yes, you can deduct the premium as a medical expense on yourNew Jersey tax return (but not on your federal return).

Jack=:) · Answer

To the extent your medical expenses exceed 2% of your NJAdjusted Gross Income (Line 29 of your return) - YES. Include your co-pays, transportation, dental, and othermedical expenses as well.

ningjun.wang · Answer

I know that co-pays ... can be detucted. But what about health insurance premium? I read the instruction of NJ1040 for line 31 (Medical expenses), it says that you can detuct what you pay for health insurance if you are self-employed. I am not self-employed. Can I detuct it? Is there any IRS pub or document that talk about this?

Can I deduct medical insurance premium from new jersey tax return (NJ1040)?

Join the Discussion

Didn't find your answer?