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Imake41000 a year. I have 3 kids. I pay 3000 in healthinsurance. What would be my reportable income? 38 or 35?

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Imake41000 a year. I have 3 kids. I pay 3000 in healthinsurance. What would be my reportable income? 38 or 35?

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  1. Depends.  If your heath insurance is withheld under a Section 125 plan it would be 38 unless you chose to have it withheld after tax.  If it's not under a Section 125 plan, it would be 41.  It wouldn't be 35 in any case.


  2. whatever is on your w-2 is gross income - there are a lot of deductions before you get to taxable income - if you are paying for insurance outside of work - and you don;t have a business, you would put that on schedule A for itemized deduction, but it has to exceed 7.5% of your AGI to give you any benefiot

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