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McKinney Texas Form 8889: What You Should Know
Contact us for all other questions. HSA Tax Credit Guide Fees Individuals can obtain a deduction on their tax return for the portion of their insurance premiums they can't deduct from their income. In certain circumstances, this deduction may be greater than the insurance premiums themselves. Taxation Code section 72(b) generally provides that a deduction for premiums will be permitted as follows: Amount Deduction 250 or Less Deduction + 2,500.00 of insurable interest 750.01 through 2,500.00 Deduction + 2% of premium + 2,500.00 of insurable interest Tax Code section 72(e)(1) provides that there will be no tax on health insurable income of individuals filing for the first time, if the individual meets one of the following requirements: The individual is enrolled solely for the purpose of receiving health benefits from a Federal program or a State program (including the health care coverage provided by a Federal program or a State program). The individual has established to the satisfaction of the tax on the amounts of premium payments that would be allowed under section 72(b)(3) of the Internal Revenue Code of 1986 were the health insurable income tax not applicable to such coverage. An individual is a qualified participant under title V of the Social Security Act (Medicare or SHIP) who was enrolled for the sole or principal purpose of receiving an award of, or the privilege to participate in, disability- related health benefits from the Federal Government for which the health insurable interest would not be subject to tax.
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