If I am getting rewarded as a independant contractor can I claim the medical insurance I foot?
I also pay for my own RX's too
Medical insurance would be claim on the 1040 underneath itemized deductions. Now, if you are married and can hire your spouse, you can offer your spouse medical insurance as a benefit (this is on calendar C) and then your spouse would claim you as a coinsure on the health insurance. Now it is deductible. Cool huh?
Did you establish the medical insurance as part of the pack of your business? If you get the insurance through another employer, a spouse's employer or a COBRA arrangement, it won't qualify for the front page deduction.
As an independent contractor you can deduct your health insurance premiums on the front page of the 1040, as self-employed robustness insurance. It does not reduce your profit though, i.e., it is not a deduction on Sched C. Dr and Rx can just be deducted on Sched A, not as self-employed health insurance.
As other, consult with a tax professional for specific answers. CPA Greg
There is a self employed medical insurance conclusion - line 29 on the 1040 form. This is a better deal than claiming it on your Schedule A itemized deduction - because you have to deduct 7.5% of your AGI from the total amount of medical expenses on your AGI.
The RX's can simply be claimed on the Schedule A.
"> I don't see why not. I'm not sure about your Rx's.
Related Questions:
Medical insurance would be claim on the 1040 underneath itemized deductions. Now, if you are married and can hire your spouse, you can offer your spouse medical insurance as a benefit (this is on calendar C) and then your spouse would claim you as a coinsure on the health insurance. Now it is deductible. Cool huh?
Did you establish the medical insurance as part of the pack of your business? If you get the insurance through another employer, a spouse's employer or a COBRA arrangement, it won't qualify for the front page deduction.
As an independent contractor you can deduct your health insurance premiums on the front page of the 1040, as self-employed robustness insurance. It does not reduce your profit though, i.e., it is not a deduction on Sched C. Dr and Rx can just be deducted on Sched A, not as self-employed health insurance.
As other, consult with a tax professional for specific answers. CPA Greg
There is a self employed medical insurance conclusion - line 29 on the 1040 form. This is a better deal than claiming it on your Schedule A itemized deduction - because you have to deduct 7.5% of your AGI from the total amount of medical expenses on your AGI.
The RX's can simply be claimed on the Schedule A.
"> I don't see why not. I'm not sure about your Rx's.
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