The long-term care policy is in my wife's name. I am the sole owner of my business and I do not employ my wife in my business.
You'll need to sign in or create an account to connect with an expert.
Subject to deduction eligibility rules, if you are self-employed, you may deduct premiums that you pay for medical, dental and qualifying long-term care insurance coverage for yourself, your spouse and your dependents. This health insurance write-off is entered on page 1 of Form 1040, which means you benefit whether or not you itemize your deductions. Unlike an itemized deduction, this deduction treatment is beneficial because it lowers your adjusted gross income (AGI). Having lower AGI can reduce the odds that you’ll be affected by unfavorable phase-out rules that can cut back or eliminate various tax breaks. Keep in mind that this deduction treatment also means you can’t deduct the premiums when you calculate your self-employment tax liability.
Here's what you can deduct this year (2016) for long-term care insurance premiums:
Age 40 and younger $390
Age 41 to 50 $730
Age 51 to 60 $1,460
Age 61 to 70 $3,900
Over age 70 $4,870
For more information, please see https://turbotax.intuit.com/tax-tools/tax-tips/Self-Employment-Taxes/Deducting-Health-Insurance-Prem....
Subject to deduction eligibility rules, if you are self-employed, you may deduct premiums that you pay for medical, dental and qualifying long-term care insurance coverage for yourself, your spouse and your dependents. This health insurance write-off is entered on page 1 of Form 1040, which means you benefit whether or not you itemize your deductions. Unlike an itemized deduction, this deduction treatment is beneficial because it lowers your adjusted gross income (AGI). Having lower AGI can reduce the odds that you’ll be affected by unfavorable phase-out rules that can cut back or eliminate various tax breaks. Keep in mind that this deduction treatment also means you can’t deduct the premiums when you calculate your self-employment tax liability.
Here's what you can deduct this year (2016) for long-term care insurance premiums:
Age 40 and younger $390
Age 41 to 50 $730
Age 51 to 60 $1,460
Age 61 to 70 $3,900
Over age 70 $4,870
For more information, please see https://turbotax.intuit.com/tax-tools/tax-tips/Self-Employment-Taxes/Deducting-Health-Insurance-Prem....
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Skajs
Returning Member
jantea
New Member
Kipmc7
Level 3
novice23
New Member
santosh-aher2004
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.