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rittlaw
New Member

Why is the self employed insurance premium deduction shown on sch c worksheet also plugged into line 2 o of medical expense worksheet? How can I get rid of the latter?

I list each company for self employed insuarance premiums on schedule c worksheet.Then the total from that worksheet ends up as part of medical expense deduction on worksheet when it does not belong there. 

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MichaelMc
New Member

Why is the self employed insurance premium deduction shown on sch c worksheet also plugged into line 2 o of medical expense worksheet? How can I get rid of the latter?

If you were self-employed and had a net profit for the year, you may be able to deduct, as an adjustment to income, amounts paid for medical and qualified long-term care insurance on behalf of yourself, your spouse, your dependents, and your children who were under age 27 at the end of 2018. For this purpose, you were self-employed if you were a general partner (or a limited partner receiving guaranteed payments) or you received wages from an S corporation in which you were more than a 2% shareholder. 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.

Note that your adjustment to income is limited to your net self-employment income. Any self-employed insurance premium in excess of net self-employment income will transfer, via line 2(o) of the worksheet, to Schedule A.

If you itemize your deductions and don't claim 100% of your self-employed health insurance costs on Form 1040, include any remaining premiums with all other medical expenses on Schedule A (Form 1040) subject to the 7.5% limit.



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MichaelMc
New Member

Why is the self employed insurance premium deduction shown on sch c worksheet also plugged into line 2 o of medical expense worksheet? How can I get rid of the latter?

If you were self-employed and had a net profit for the year, you may be able to deduct, as an adjustment to income, amounts paid for medical and qualified long-term care insurance on behalf of yourself, your spouse, your dependents, and your children who were under age 27 at the end of 2018. For this purpose, you were self-employed if you were a general partner (or a limited partner receiving guaranteed payments) or you received wages from an S corporation in which you were more than a 2% shareholder. 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.

Note that your adjustment to income is limited to your net self-employment income. Any self-employed insurance premium in excess of net self-employment income will transfer, via line 2(o) of the worksheet, to Schedule A.

If you itemize your deductions and don't claim 100% of your self-employed health insurance costs on Form 1040, include any remaining premiums with all other medical expenses on Schedule A (Form 1040) subject to the 7.5% limit.



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