I'm self-employed & pay 100% of health ins premiums thru my wife's previous employer (she's retired). Can we report my half of the premium as self-employment health ins?
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I'm self-employed & pay 100% of health ins premiums thru my wife's previous employer (she's retired). Can we report my half of the premium as self-employment health ins?
I'm self-employed & pay 100% of health ins premiums thru my wife's previous employer (she's retired). Can we report my half of the premium as self-employment health ins?
You can deduct up to 100% of health insurance premiums for you, your spouse and your dependents if you are self-employed and have a net profit from the business for which you created the plan. However,
The insurance plan must be established under your trade or business and the deduction can't be more than your earned income from that trade or business.
Since the plan is formed under the former employer's business, the premiums are only eligible to be deducted on Schedule A as an itemized deduction.
I'm self-employed & pay 100% of health ins premiums thru my wife's previous employer (she's retired). Can we report my half of the premium as self-employment health ins?
You can deduct up to 100% of health insurance premiums for you, your spouse and your dependents if you are self-employed and have a net profit from the business for which you created the plan. However,
The insurance plan must be established under your trade or business and the deduction can't be more than your earned income from that trade or business.
Since the plan is formed under the former employer's business, the premiums are only eligible to be deducted on Schedule A as an itemized deduction.
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