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#2
01-28-2008, 01:49 PM
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 Re: business deduction for health in premiums for self employed On Jan 27, 10:12*pm, "removeps-gro...[at]yahoo.com" <removeps- gro...[at]yahoo.com> wrote: - quote - > On Jan 27, 1:00*pm, ed <edcos...[at]sbcglobal.net> wrote:
29 deduction for those plans. Any other after-tax insurance your paid> > > I retired in april of 2006 from the government. I am now self- > > > employed. I pay health insurance premiums to continue my health > > > insurance as an annuitant, altho govt pays part of premium as well. > > You can't deduct on line 29 premums for a policy that is subsidized by > > your employer (Or former employer). *However, the other health ins > > plans you pay on your own (LTC and Dental) can be deducted on line 29 > > of 1040. *Any health premiums can be deducted on Schedule A as Medical > > Expense.. *You can't deduct any of these as a busines expense on > > Schedule C.. > But it's not the employer or former employer who subsidizes part of > the premiums. *It's the government. *So are the health insurance > premiums that he paid fully deductible? > -- > << ------------------------------------------------------- > > << The foregoing was not intended or written to be used, * > > << nor can it used, for the purpose of avoiding penalties *> > << that may be imposed upon the taxpayer. * * * * * * * * *> > << * * * * * * * * * * * * * * * * * * * * * * * * * * * * > > << * The Charter and the Guidelines for submitting posts * > > << *to this newsgroup as well as our anti-spamming policy *> > << * * * * * * * * *are atwww.asktax.org. * * * * * * * * > > << * * * * Copyright (2007) - All rights reserved. * * * * > > << ------------------------------------------------------- > In your case the Government was your employer. That prohibits a line is deductible on Schedule A. ed -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#1
01-28-2008, 03:12 AM
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| Re: business deduction for health in premiums for self employed On Jan 27, 1:00*pm, ed <edcos...[at]sbcglobal.net> wrote: - quote - > > I retired in april of 2006 from the government. I am now self-
But it's not the employer or former employer who subsidizes part of> > employed. I pay health insurance premiums to continue my health > > insurance as an annuitant, altho govt pays part of premium as well. > You can't deduct on line 29 premums for a policy that is subsidized by > your employer (Or former employer). *However, the other health ins > plans you pay on your own (LTC and Dental) can be deducted on line 29 > of 1040. *Any health premiums can be deducted on Schedule A as Medical > Expense.. *You can't deduct any of these as a busines expense on > Schedule C.. the premiums. It's the government. So are the health insurance premiums that he paid fully deductible? -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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01-27-2008, 08:00 PM
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| Re: business deduction for health in premiums for self employed On Jan 27, 1:40*pm, Julian <jgreens...[at]comcast.net> wrote: - quote - > I retired in april of 2006 from the government. I am now self-
your employer (Or former employer). However, the other health ins> employed. I pay health insurance premiums to continue my health > insurance as an annuitant, altho govt pays part of premium as well. > as a self employed person can i deduct the premiums i pay as a > business expense?? > would the same answer apply to Long term care ins and dental/vision > ins for which i pay *the entire *premium ?? > -- > << ------------------------------------------------------- > > << The foregoing was not intended or written to be used, * > > << nor can it used, for the purpose of avoiding penalties *> > << that may be imposed upon the taxpayer. * * * * * * * * *> > << * * * * * * * * * * * * * * * * * * * * * * * * * * * * > > << * The Charter and the Guidelines for submitting posts * > > << *to this newsgroup as well as our anti-spamming policy *> > << * * * * * * * * *are atwww.asktax.org. * * * * * * * * > > << * * * * Copyright (2007) - All rights reserved. * * * * > > << ------------------------------------------------------- > You can't deduct on line 29 premums for a policy that is subsidized by plans you pay on your own (LTC and Dental) can be deducted on line 29 of 1040. Any health premiums can be deducted on Schedule A as Medical Expense.. You can't deduct any of these as a busines expense on Schedule C.. ed -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
01-27-2008, 06:40 PM
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| business deduction for health in premiums for self employed I retired in april of 2006 from the government. I am now self- employed. I pay health insurance premiums to continue my health insurance as an annuitant, altho govt pays part of premium as well. as a self employed person can i deduct the premiums i pay as a business expense?? would the same answer apply to Long term care ins and dental/vision ins for which i pay the entire premium ?? -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| business, deduction, employed, health, premiums |
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