Discussion:Supplemental Maternity Health Insurance for Self Employed
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| Revision as of 17:16, 15 April 2009 Wwtaxes (Talk | contribs) (Well then, if yo) ← Previous diff |
Revision as of 14:39, 16 April 2009 Deback (Talk | contribs) (I would include) Next diff → |
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| Group hospitalization and medical insurance for employees, including long-term care insurance. | Group hospitalization and medical insurance for employees, including long-term care insurance. | ||
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| + | {{ForumReplyPost|UserID=Deback|Date=April 16, 2009|Text=I would include the premiums on the 1040 and not Sch A. It's a type of health insurance for the self-employed's spouse, so it should be deductible as self-employed health insurance.}} | ||
Revision as of 14:39, 16 April 2009
Discussion Forum Index --> Advanced Tax Questions --> Supplemental Maternity Health Insurance for Self Employed
Discussion Forum Index --> Tax Questions --> Supplemental Maternity Health Insurance for Self Employed
| 14 April 2009 | |
| Would supplemental maternity health insurance premiums also be deductible for the self-employed health insurance deduction, even if the self-employed individual had a standard health insurance policy? | |
| 14 April 2009 | |
| Need more answers...does she also have W-2 income? Does she qualify for Sch A? taxea | |
| 14 April 2009 | |
| Taxea - I'm getting confused on why you are asking about W2 income - unless you are assuming this is an S Corp. I noticed you asked this on another post, and I seem to be missing your point. April 14th probably isn't a good time to ask, but now I'm doubly curious.
Mbaqb - I'm leaning toward yes, but unfortunately I have no cite to back me up. Given Taxea's question though, if it is an S Corp, they would have to be included on the W2. | |
| 14 April 2009 | |
| Now that I think about this more, is this a policy to cover maternity medical expenses, or to pay her while she is off work? I believe the latter would not be deductible. | |
| 15 April 2009 | |
| It's not an S-corp and it's not to pay the taxpayer's spouse while she is off work. I'ts a policy to cover maternity medical expenses for the self-employed taxpayer's spouse. Same taxpayer who took a W-2 job midway through September, but kept his Sch. C business and wasn't eligible for the W-2 employer's health plan until 1/1/09 after they had completed a 90-day probationary period. The question is whether or not maternity medical insurance premiums for the taxpayer's spouse would be deductible? I've read the pub and can't find anything. | |
| 15 April 2009 | |
| Wwtaxes...you read my post to quickly...it says does she also have W-2 income or is her only income from self-employment. If she has W-2 income I would say no, if not I might lean toward yes. Has nothing to do with S-corp. | |
| 15 April 2009 | |
| The self-employed individual can deduct coverage for self and family. Now that I know the spouse is the one covered by the pregnancy insurance and is not employed then I would check Pub 17 medical deductions you can take and go from there. taxea | |
| 15 April 2009 | |
| I happened past a reference for this yesterday, but it was not an IRS reference, so take it for what it's worth, but it certainly suggested that this was deductible, as it listed several other special 'supplemental' insurance policies being deductible. From Pub 502:
You can include in medical expenses insurance premiums you pay for policies that cover medical care. Medical care policies can provide payment for treatment that includes: * Hospitalization, surgical services, X-rays, * Prescription drugs and insulin, * Dental care, * Replacement of lost or damaged contact lenses, and * Long-term care (subject to additional limitations). This is referring to Schedule A, but suggests that this is deductible. | |
| 15 April 2009 | |
| I think that the premiums would definitely be deductible on Schedule A, but am wondering about whether or not the maternity policies would be deductible for the self-employed health insurance deduction on page 1 of the 1040? | |
| 15 April 2009 | |
| Well then, if you look in Pub 535, it is not listed as one of the premiums that is not deductible, and the same list as above is suggested as premiums that are deductible, specifically:
Group hospitalization and medical insurance for employees, including long-term care insurance. | |
| April 16, 2009 | |
| I would include the premiums on the 1040 and not Sch A. It's a type of health insurance for the self-employed's spouse, so it should be deductible as self-employed health insurance. | |
