Tax Deduction for Health Insurance Premiums
New rules allow individuals to deduct health insurance premiums from their taxable income, potentially lowering their tax bill. This means health insurance costs will be treated as a direct reduction to income, regardless of whether other deductions are itemized. These changes will apply to tax years beginning after December 31, 2024.
Key points
Ability to deduct health insurance premiums from taxable income, potentially reducing taxes.
Deduction applies to premiums paid for oneself, spouse, and dependents.
The deduction is available to all taxpayers, regardless of whether they itemize other deductions.
Changes will take effect for tax years starting after December 31, 2024.
Introduced
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