I am self-employed as a consultant (1099-misc) and pay long term care and health insurance through separate, previously obtained programs from my former employer. Do I enter those payments both on my schedule C and my schedule A?
You can enter on Schedule C or A, but not both. Enter on the schedule that will provide you with the greatest overall tax benefit.
You may want to try it both ways. Under the Schedule C will lower your net income for the SE taxes.
Under Schedule A, you will need to meet the threshold limit for your AGI in order to deduct any amounts over the threshold. But if you have other medical expenses that you would not be able to deduct without the premiums, then it could be beneficial to deduct on Schedule A.
Note: Only your total medical expenses greater than 10% of your AGI can be deducted if you are under the age of 65. 65 and older then the AGI limit is 7.5%
You can enter on Schedule C or A, but not both. Enter on the schedule that will provide you with the greatest overall tax benefit.
You may want to try it both ways. Under the Schedule C will lower your net income for the SE taxes.
Under Schedule A, you will need to meet the threshold limit for your AGI in order to deduct any amounts over the threshold. But if you have other medical expenses that you would not be able to deduct without the premiums, then it could be beneficial to deduct on Schedule A.
Note: Only your total medical expenses greater than 10% of your AGI can be deducted if you are under the age of 65. 65 and older then the AGI limit is 7.5%