Hi,
I used to pay for my medical insurance in the year 2007 and 2008. can i claim an exempt from the taxes in such a case. i did do that when filing my taxes for 2007. is there a way i can claim exemptions for both 2007 & '08 when filing for 2008

thanks
Nilay

Nilay,

Could you please give us some more information? Just to clarify, I think that you are saying that you took a deduction for medical insurance on your Schedule A for 2007 and you would like to know if you can also claim a deduction for 2008.

I am not going to answer the question that I think you are asking, because if my assumptions are wrong, I would hate to give you poor advice.

Are you a W-2 employee? Do you have a source of self-employment income?

I look forward to hearing back from you. Hopefully we will be able to get you a good answer to your question(s).

de_de_gc,
I meant to say is, i have paid for my medical insurance. My employer did not. can i claim a deduction. I did not claim it when filing for 2007 taxes. can i still claim it for 2008?
Can I still claim it for 2007 tax filing; I have already filed for 2007.

I am a citizen of India and am on an H1B visa.
I dont have any other source of income.

Nilay,

I am sorry; I only know this answer as it applies to U.S. Citizens. I DO NOT KNOW if the rules are different for foreign citizens.

In order to claim medical expenses, including health insurance premiums, your medical expenses need to exceed 7.5% of your Adjusted Gross Income (AGI), AND YOU MUST itemize your deductions. In order for you to benefit from itemizing instead of using a standard deduction, your total itemized deductions must exceed the standard deduction allowed. There are exceptions, but often, people who do not own a personal residence that is mortgaged (mortgage interest payments are high) do not benefit from itemizing.

If you determine that you would get additional amounts refunded to you by itemizing, you could amend your 2007 income tax return.

PLEASE do be sure to wait for someone to comment on how this may be affected by your citizenship status.

Nilay:

Foreign nationals who file as a no-resident aliens are NOT eligible to deduct medical costs on their tax returns.

You, however, as a resident alien, so you CAN deduct medical costs (including medical insurance premiums) as noted by DeDeCG.