health insurance plan is also available. b.Long-term care premiums may not be deducted within specified dollar limitations based on age. c.Dental insurance is not included as deductible self-employed he
health insurance plan is also available. b.Long-term care premiums may not be deducted within specified dollar limitations based on age. c.Dental insurance is not included as deductible self-employed he
Chapter5: Deductions For And From Agi
Section: Chapter Questions
Problem 4MCQ: Which of the following is true about the self-employed health insurance deduction? The deduction can...
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Question
Which of the following is true about the self-employed health insurance deduction?
a.The deduction can be claimed when a subsidized employer health insurance plan is also available.
b.Long-term care premiums may not be deducted within specified dollar limitations based on age.
c.Dental insurance is not included as deductible self-employed health insurance.
d.The deduction can be claimed if the taxpayer has an overall business loss from self-employment.
e.The self-employed health insurance deduction is a for AGI deduction.
Expert Solution
Step 1
In a nutshell, the self-employed health insurance deduction allows self-employed people to deduct 100% of their health, dental, and long-term care insurance premiums for themselves, their spouses, dependents, and non-dependent children under the age of 27.
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT