Submitted By: someone
Answered: February 20, 2019 9:37 pm

Can I take a $3,000 health insurance credit?

Retired public safety officers can elect to exclude from gross income up to $3,000 of distributions from qualified retirement plans that are used for qualified insurance premiums (this is NOT a tax credit). When taking the exclusion, write “PSO”) on line 4b of Form 1040.

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Tax Glossary

Taxable income

Net income after claiming all deductions from gross income and adjusted gross income, such as IRA deductions, itemized deductions, or the standard deduction, and personal exemptions.

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