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Deductions & credits
@mbogdanoff wrote:
Net income $900 Health insurance $6000. Can I deduct !00% of health insurance premiums?
No. You would deduct $900 against your schedule C income (resulting in zero net income) and the remaining $5100 has to be deducted as an itemized deduction on schedule A, subject to the 7.5% rule.
Also note that if health coverage is available to you as an employee benefit at your part-time job, you can't take the small business health insurance deduction, even if you choose not to enroll in the employer-sponsored insurance.
‎April 21, 2022
10:30 AM
341 Views