@TomD8 @Mike9241 @Bsch4477
I wanted to circle back to this one. While I do embrace what you stated, curious how you reconcile that with this IRS material:
https://www.irs.gov/pub/irs-pdf/p4491.pdf
please see page 199....
How do I handle self-employed health insurance deduction?
Self-employed taxpayers who reported a net profit on Schedule C for the year may be able to deduct the
cost of their health insurance paid as a deduction from their gross income. The insurance plan must be
established under the trade or business and the deduction cannot be more than the earned income from that
trade or business. When filing Schedule C, the health insurance policy can be either in the taxpayer’s name,
the spouse’s name (if Married Filing Jointly), or in the name of the business.
Medicare premiums voluntarily paid to obtain insurance in the taxpayer’s name that is similar to qualifying
private health insurance can be used to figure the deduction. The spouse’s Medicare premiums qualify
for the deduction when Married Filing Jointly even though paid from the spouse’s benefits. Include health,
dental, vision, supplemental, limited coverage, and long-term care (LTC) premiums. LTC is limited to the
deduction cap for Schedule A, based on age.
Self-employed taxpayers cannot deduct payments for medical insurance for any month in which they were
eligible to participate in a health plan subsidized by their employer, a spouse’s employer, or an employer
of the taxpayer’s dependent or child under age 27 at the end of the tax year. Taxpayers cannot deduct
payments for a qualified long-term care insurance contract for any month in which they were eligible to
participate in an employer-subsidized long-term care insurance plan.
