Health Ins Deduction

[GTS]

Taxpayer is employed, but not covered by health insurance, but purchases their own. TP also has a side business. Can a portion of the premiums be written off against the self-employment (limited by net earning), and the balance against Sch A? Thaks for your help.

[Gretel]

I would do the same thing.

[S T]

Not Self Employment

I believe you can prorate the Med premiums to income from W-2 and net self employment, but is placed on line 29 page 1 of 1040 (for self employment allocation) and then also Schedule A ( W-2 allocation)

So unfortunately the med premiums do not reduce the SE Tax. You can not enter them on the Schedule C,

Sandy

[Gretel]

I would do the same thing.

I assumed you meant pg 1 on 1040 for SE health insurance and not Sch. C.

[GTS]

Health Ins

I believe you can prorate the Med premiums to income from W-2 and net self employment, but is placed on line 29 page 1 of 1040 (for self employment allocation) and then also Schedule A ( W-2 allocation)

So unfortunately the med premiums do not reduce the SE Tax. You can not enter them on the Schedule C,

Sandy

Sorry-yes I meant 1040 page 1, and the balance on Sch A.