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#1
10-04-2004, 02:38 PM
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 Re: Long Term Care Deduction for Self Employed ramco[at]fast.net (Dick Morrison) wrote: - quote - > I am 65, retired three years ago from a full-time job,
I thought I answered this before. Find your other identical> collecting social security, receiving income from my IRAs, > and since retirement have been self-employed as a marketing > consultant, earning about $16,000 a year. Is is true that, > as a self-employed individual, I can deduct the premiums I > pay for long term care insurance for federal income tax > purposes? I file a schedule c and a schedule se each year, > so as far as I can figure the IRS considers me to be > qualified for this deduction. Am I right? post and you'll find an answer. ed << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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10-04-2004, 02:38 PM
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| Re: Long Term Care Deduction for Self Employed ramco[at]fast.net (Dick Morrison) wrote: - quote - > I am 65, retired three years ago from a full-time job,
Yes, but you can only deduct a portion of it per IRS> collecting social security, receiving income from my IRAs, > and since retirement have been self-employed as a marketing > consultant, earning about $16,000 a year. Is is true that, > as a self-employed individual, I can deduct the premiums I > pay for long term care insurance for federal income tax > purposes? I file a schedule c and a schedule se each year, > so as far as I can figure the IRS considers me to be > qualified for this deduction. Am I right? Schedule. Last year it would have been $2,510 on either line 29 of 1040 or Schedule A. See Schedule A Instructions for any change in 2004. However, you can deduct the entire premium for Medicare Coverage B, and AARP or other Supplemental coverage. All of these can be deducted on line 29 (2003) or line 31 in 2004, up to the amount of your Schedule C net income and the remainder on Schedule A line 1. ed << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
10-02-2004, 11:08 AM
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| Long Term Care Deduction for Self Employed I am 65, retired three years ago from a full-time job, collecting social security, receiving income from my IRAs, and since retirement have been self-employed as a marketing consultant, earning about $16,000 a year. Is is true that, as a self-employed individual, I can deduct the premiums I pay for long term care insurance for federal income tax purposes? I file a schedule c and a schedule se each year, so as far as I can figure the IRS considers me to be qualified for this deduction. Am I right? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| care, deduction, employed, long, term |
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