Discussion:Self employed health insur deduction

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Discussion Forum Index --> Tax Questions --> Self employed health insur deduction

Chipl (talk\|edits) said:	3 October 2006
are premiums paid for medicare supplements eligible for the self employed health insurance deduction?

1040man (talk|edits) said:

3 October 2006

If you qualify to take the deduction, use the Self-Employed Health Insurance Deduction Worksheet in the Form 1040 instructions to figure the amount you can deduct. But if any of the following applies, do not use the worksheet.

You had more than one source of income subject to self-employment tax.

You file Form 2555, Foreign Earned Income, or Form 2555-EZ, Foreign Earned Income Exclusion.

You are using amounts paid for qualified long-term care insurance to figure the deduction.

If you cannot use the worksheet in the Form 1040 instructions, use the worksheet in Publication 535, Business Expenses, to figure your deduction.

Mtmckeecpa (talk\|edits) said:	4 October 2006
Odd thing is that Turbotax says the m'care premium (I don't believe they mention m'care supplementals) is deductible for eligible self employed, yet my tax service, PPC quotes from a '95 advice from IRS Chief Counsel’s Office taht m'care premiums are not deductible for self employed. I would think that m'care supplementals would be eligible for the SE health insurance deduction.

Death&Taxes (talk\|edits) said:	4 October 2006
Quickfinder mentions that Chief Counsel Advice on page 6-7, but that is for Medicare Part B. I think Chip is talking about insurance to supplement medicare, like medigap insurance or Blue Cross 65.

Inthepocket (talk\|edits) said:	10 April 2007
Do Long Term Care Premieums qualify for the SE health insurance deduction for a Sch. C? What about life insurance premiums?

Tfortaxes@msn.com (talk\|edits) said:	10 April 2007
no and no

Inthepocket (talk\|edits) said:	11 April 2007
Are you sure you can't deduct the long term car premiums? Pub 535 states that you can deduct premiums paid on a qualified long term care insurance contract, but there is a chart of how much you can deduct per person covered depending on your age.

Deback (talk\|edits) said:	April 11, 2007
>>Are you sure you can't deduct the long term car premiums? Not as SE Health Ins premiums

Death&Taxes (talk\|edits) said:	11 April 2007
According to Quickfinder p 6-7 Long term care does qualify for SE Health Insurance to the extent of the age limitations. It had better; I gave it to someone today.