I’ve heard that you can deduct health insurance costs from your taxes. I’m on a plan at work, called a “cafeteria plan”. Can I claim health insurance as a tax deduction? I want to maximize my deductions!
No, you cannot claim a tax deduction for health insurance if you are paying for the plan through an employer’s “cafeteria plan”. The cafeteria plan is taking the money from your paycheck before any taxes are applied, so you are already getting the cost paid with tax-free dollars. You cannot claim it twice.