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Guru_Guy
Guru_Guy, Lawyer (JD)
Category: Tax
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Experience:  I am a lawyer who understands tax law and finance.
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We are working on 1008 tax return. My husband and I file married

Customer Question

We are working on 1008 tax return. My husband and I file married joint. He is a statutory employee. Health and dental insurance payments are taken out of his checks (the full amount...company does not pay any portion of insurance.) Insurance coverage is for both of us. I am an independent contractor. Can either of us deduct health insurance payments on our return?
Submitted: 5 years ago.
Category: Tax
Expert:  Guru_Guy replied 5 years ago.

Hello,

As a statutory employee, money your husband paid for insurance should have been excluded from taxable income, therefore it is not deductible again when you file.

If your employer does not deduct this from income, it would be deductible, but only to the extent your total medical costs exceed 7.5% of gross income.

I hope this helps!
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IRS CIRCULAR 230 NOTICE: Absent an engagement for written tax advice prepared in compliance with the regulations promulgated by the U.S. Department of Treasury, no person prepared the written information contained in or accompanying this communication for use or reliance, and no taxpayer can, therefore, use or rely upon the written information contained in or accompanying this communication, (i) to avoid any penalties that the IRS may impose, or (ii) for the purpose of promoting, marketing, or recommending to another party any tax-related matters.
Customer: replied 5 years ago.
I would like to know if the portion of the premiums for my coverage is 100% deductible since I am SELF-EMPLOYED.

Customer: replied 5 years ago.
I would like to know if the portion of the premiums for my coverage is 100% deductible since I am SELF-EMPLOYED.

Never mind. It is 10:20 am and I cannot wait any longer. Thanks.
Expert:  Guru_Guy replied 5 years ago.

Sorry, was away from my computer for a few hours, had to take kids to a track meet.

The portion that covers your premium is treated the same as your husband's. It should be deducted from your husband's income and not deductible. If it is still included in his income for some reason, it is subject to the 7.5% rule.


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Please keep in mind that information in this forum is for informational purposes only. It is not legal advice and does not constitute creation of an attorney client relationship. Before acting on any such information, you are always advised to consult with an attorney licensed to practice in your jurisdiction who can take the time to review all the facts and laws relevant to your situation.

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