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2016 Form 1040 line 61 - Health care - Individual responsibility

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    2016 Form 1040 line 61 - Health care - Individual responsibility

    Taxpayer has a penalty payment on line 61 form 1040 for tax year 2016.
    Can he claim the amount on line 61 as medical insurance on schedule A?
    He is qualified for itemized deduction.

    Thank you for your answer.

    #2
    But - It's not technically insurance... Isn't it a Penalty?

    End Game! <?>
    Matthew Jones
    Tax Preparation
    Computer Consultant


    Tax Season is here!
    Make sure everything is working, extra ink or toner is available, Advil in top drawer!

    Comment


      #3
      ACA Line 61 Penalty for NOT having Health Insurance

      First Line 61 is NOT a penalty or fine, Justice Roberts defined it as a TAX

      1) What is it Taxing? Constitution & #16 TAX "Property"
      Not buying a "Service" is not property
      2) IF USSC would have left the word be as WRITTEN in ACA, ACA Law IS Unconstitutional
      This was the USSC "Making New Law" vs "Interpreting" a Law before them
      as to its being Constitutional or Not Constitutional

      3) IRS Feb 17 announcement states you do NOT have to answer Did You Have Health Ins
      Yes you are still liable for that penalty IF you did not HAVE Ins, just Not paying Right Now!
      One bill in the house Not voted on is not anything, ACA took 15 months to become law

      However, the specific answer to your question makes all of above not relevant at ALL

      For it to be a 2016 deduction, any where in the 2016 Form 1040
      FIRST it has to have been PAID "IN" 2016

      Comment


        #4
        Originally posted by mooretax View Post
        Can he claim the amount on line 61 as medical insurance on schedule A?
        Ask yourself - is it a payment of medical insurance premium? Is it a payment for any type of medical or health-related service at all?
        "You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard

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