Sunday is the deadline for ACA insurance open enrollment in most states! Here are 11 things to know.
From the AARP Bulletin Print Edition, March 1, 2010
Q. I am 70 years old. My adult son is currently unemployed. To help him out, I am paying his monthly health care premiums. Can I deduct that amount on my IRS tax return?
A. No. Because your son is an adult and not your dependent, you cannot deduct his premium amount on your tax return. You are allowed to count medical and dental bills for you, your spouse and your dependents toward the medical deduction limit.
In certain situations, you may count medical expenses that you paid for a parent, even if he or she is not a dependent—such as the diagnosis or treatment of disease, medical equipment and supplies, and insurance premiums. For a detailed list of deductions, go to the IRS online at www.irs.gov/publications/p502/ar02.html.
Source: Jean Setzfand, AARP
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