@Stumpedbytaxes wrote:
Thank-you for the quick response. That I understand, thus my followup question specifically is in regard to the 7.5% or by some references 10% AGI threshold. My understanding is that self-employed individuals (1099, S-corp, etc) can deduct the full amount and do not have to exceed that threshold to deduct healthcare premiums/expenses. I do receive a W2 but also received a 1095-C with 1H designation indicating I wasn't offered benefits. My medical expenses do not exceed 7.5% of my income, but in my situation, am I prohibited from deducting like a "self employed" individual.
Self employed individuals can only report the amount of health care Insurance premiums they pay and then only if they have net income at least as much as the premiums paid. The premiums paid are an Adjustment to Income. It is not a direct expense on the Schedule C. Any actual medical expenses, other than the health insurance premiums, still must be entered on Schedule A even if self employed.
A Form 1095-C is not entered on a tax return.
For tax year 2019 your total medical expenses that are greater than 7.5% of your Adjusted Gross Income (AGI) can be deducted. The tax code was changed in December 2019 to reduce the 2019 AGI for medical expenses from 10% of AGI to 7.5% of AGI.
