Discussion:Self Employed Health Insurance

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Discussion Forum Index --> Tax Questions --> Self Employed Health Insurance

Leeqb (talk|edits) said:

18 January 2007
This is the first time I've asked a question here. Neat website. My situation is a husband and wife that farm. Schedule F reflects his SSN. Can they deduct the cost of their health insurance as self employed on the Schedule F? Thanks

Jdugancpa (talk|edits) said:

18 January 2007
I'm not very knowledgable about Sch F, but income reported on Sch F is SE income, just like Sch C, so the health insurance will be deductible, only not on Sch F. It gets deducted on Form 1040, page 1, line 29, just like a Sch C filer would deduct it.

Taxman 55 (talk|edits) said:

18 January 2007
Husband can employ wife, then using Sec 105 plan, deduct Health Insurance premium as employee benefit on Sch F. Wife must actually do some work for the wages and benefits however. Can also deduct out of pocket medical expenses as an employee benefit. If there are other employees, they must be covered by the plan also.

Deback (talk|edits) said:

January 18, 2007
leeqb - If there is net income on Sch F, and if the wife does not work for an employer who has health insurance coverage for their employees, the S/E health insurance can be deducted on Form 1040, line 29, up to the amount of the net income on Sch F.

Kevinh5 (talk|edits) said:

18 January 2007
isn't the deduction limited to net income on F less 1/2 SE tax?

Deback (talk|edits) said:

January 18, 2007
Yes, Kevin. Didn't have time to go into more details at the time. Thanks for the correction.

Sw (talk|edits) said:

January 19, 2007
It doen't get deducted on the sch.F unless there is a plan setup. But your software will let you enter it there and carry to the 1040.

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