Discussion:Health ins. premium vs HSA deduction
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| Revision as of 03:12, 5 April 2008 Captcook (Talk | contribs) (Try Sec. 213 for) ← Previous diff |
Current revision Taxwizard (Talk | contribs) (Fully deductible) |
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| + | {{ForumReplyPost|UserID=Taxwizard|Date=5 April 2008|Text=Fully deductible. Sec. 213(d)(1)(D).}} | ||
Current revision
Discussion Forum Index --> Basic Tax Questions --> Health ins. premium vs HSA deduction
Discussion Forum Index --> Tax Questions --> Health ins. premium vs HSA deduction
| 25 February 2008 | |
| Are HSA contribution and the premium paid for the policy BOTH deductible?
Client contributed $6450 (a couple over 50). They also paid about $7600 premium for the policy. I understand the HSA contribution is an adjustment to the AGI, what about the premium for the policy, deductible? Thank you for your advice. | |
| 25 February 2008 | |
| Premium is deductible on 1040 page 1 if SEHI, on Sch A if not self-employed. | |
| 4 April 2008 | |
| can someone show me where it says the premium can be deducted? I can't find anything authoritative saying so, yet I have read on various (nonauthoritative) websites that it's not deductible. | |
| 4 April 2008 | |
| Are you sure that an individual can deduct premiums? Also, be careful with spouse coverage in context of self-employed individual. I believe that careful planning is required in order to deduct the spouse's premiums...as in hiring the spouse, providing him/her with coverage under an established plan (form over substance), and then having the spouse-employee add her husband as a spouse under her "employer-provided insurance". I'm not sure about this...anyone out there that can critique? Seems like there was a 2008 notice on this. | |
Seaside CPA (talk|edits) said: | 5 April 2008 |
| What type entity are we talking about? | |
Dsiclients (talk|edits) said: | 5 April 2008 |
| Pcc-cpa, Jdugancpa qualified his answer by saying "if SEHI" followed by "on Sch A if not self-employed". But then, I'm done for the night, and on my second cocktail. | |
| 5 April 2008 | |
| still looking for some "written" authority on whether premiums are deductible at all, can anyone point me to that (not that you're all not authorities!). at the expense of repeating myself, several websites that I've read say it's not deductible but I can't find anything to the contrary..... | |
| 5 April 2008 | |
| Try Sec. 213 for Sch A deductibility Sec.162(L)(1) for pg1. | |
