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Utah Health Care Insurance Premiums

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Utah Health Care Insurance Premiums

Answer
Health Benefit Plan Credit
Amounts itemized or otherwise deducted in determining federal taxable income, or used to claim a federal credit, cannot be used for this Utah credit. You may claim a credit of 5% of the amount paid for a health benefit plan only if you, your spouse on a joint return, or any dependent claimed on your return is not insured under a health benefit plan maintained and funded in whole or in part by your, your spouse's or your dependent's employer, or another person's employer. You cannot claim this credit if you choose not to participate in a plan maintained and funded by an employer. You also cannot use pre-tax deductions from wages through employer-sponsored programs, such as a cafeteria or flex plan, to claim the credit.
Excluded Amounts
The credit is 5% of amounts paid for a health benefit plans (but not self-insurance) less the total of the following:
1. Credit for health insurance costs of eligible individuals (IRC Section 35),
2. Income exclusions for employer-provided coverage under an accident or health plan (IRC Section 106),
3. Cafeteria or employer plans covering all employees who may choose among two or more cash and qualified benefits (IRC Section 125),
4. Trade or business expenses for self-employed individuals up to 100% of premiums paid, but not more than your net business income (IRC Section 162), and
5. Medical and dental expenses deducted on federal Schedule A that are more than 7.5% of your federal adjusted gross income (IRC Section 213).
6. All dental, vision or Medicare supplemental policies if not part of your health benefit plan.
The maximum credit is:
  - $300 for a single taxpayer (including married filing separately, head of household, and qualifying widow(er)) with no dependents,
  - $600 for a married couple filing jointly with no dependents, and
  - $900 for a taxpayer (any filing status) with dependents.
There is no form for this credit. Keep all related documents with your records.

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Views: 255 Created on: Jun 15, 2013
Date updated: Nov 19, 2014

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