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SE Med Ins Deduction on Form 7206

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    SE Med Ins Deduction on Form 7206

    Customer and spouse (MFJ) will be using MEDICAL and LTC insurance as SE medical subtractions.
    The wife has the "C" but both of their premium amounts will be used.
    Do I fill in 2 separate 7206 Forms (one for each) for the same schedule "C"?
    If I put them both on one, the total LTC premiums will exceed the 7206 amount allowed.
    Individually, both LTC amounts are within the allowed limits.
    Thanks for comments.



    #2
    Isn't there a separate field for each spouse to enter his/her premium amount?
    Uncle Sam, CPA, EA. ARA, NTPI Fellow

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      #3
      If it is only one business, I don't see anything that indicates to file more than one 7206. It should all go on one form.

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        #4
        The issue is that they (between them) paid $9,150 in LTC premiums. The 7206 limits the LTC deduction to $7,160 if age 71.
        They are both about 80, so the full $9,150 should qualify. There is no separate data entry allowed for a spouse on the 7206.
        This does not appear to be addressed in the 7206 instructions - at least not that I can see.
        To file this return it looks like it'll either have to be by paper or if e-filed (which requires a 7206) I'd have to fudge the LTC premium by using $7160
        & add the difference of $1,990 to the medical insurance premium portion on the form.

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          #5
          The 7206 does not limit the total to $7,160; it limits it to that per person. If your software it limiting it to that for both people, it software issue, not a form issue. What software do you use? Have you tried contacting support for your software?

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