I receive a Health Insurance Allowance from my employer. I will receive a 1099 at the end of the year for these funds. I am putting these funds into a separate account that will only be used for H.I. premiums and allowable Medical expense. Can I apply the cost of Health Insurance premiums as an expense to these funds? What about Medical Expenses? The bank offers a HSA account, can I set up an account for these funds? Just to be clear I am not asking about a a deduction on my personal taxes, but an expense on my 1099 "income" designated for Health Insurance. Similar to mileage and other self-employment expenses.
