Asked in InsuranceTaxes and Tax Preparation
Your parents received ss income for 2007 but have paid out over 6000 for insurance can they get a refund of any kind?
January 20, 2008 6:34PM
Well first off, they would have had to have something withheld to get a refund.
And presuming your meaning medical insurance (which is probably the only type that may be deductible), and presuming the expense for it is more than the minimum base percentage of their AGI, then it becomes a tax deductable expense. Again, if they get money back or have to pay comes down to how much they already paid for their ultimate taxable income.