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Self employed
Thank you. Yes, that makes sense. I have entered it how you suggested and the balance has automatically been applied to medical expenses.
A by-product of putting the medical premiums as a business expense in Schedule 1 is that my business net profit is now zero, thus reducing my qualified business deduction considerably. When I enter the medical premiums all under the Schedule A personal medical expense deduction my refund is actually higher.
Is there any benefit to putting the medical premiums as a business deduction instead of on Schedule A as a personal medical expense? The only benefit I see is that it lowers my AGI for eligibility for a Roth IRA, but this is not relevant for me.
‎April 12, 2024
3:44 PM