This video delves into the specifics of tax deductions for health insurance premiums, distinguishing between W-2 employees and self-employed individuals (1099):

• W-2 Employees usually can’t deduct insurance premiums but may deduct medical expenses exceeding 7.5% of adjusted gross income if itemizing deductions.

• Self-Employed (1099) workers can deduct health insurance premiums directly from taxable income, simplifying the deduction process.

• Tax Deduction Criteria for W-2 employees involves a comparison between medical expenses and adjusted gross income, plus the choice between itemized and standard deductions.

• Individuals are encouraged to consult with tax professionals for detailed and personalized tax guidance related to healthcare expenses.