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REPOSTED INQUIRY I was self-employeed for part of 2011. I

Customer Question
REPOSTED INQUIRY I was self-employeed for...
REPOSTED INQUIRY



I was self-employeed for part of 2011.
I paid my own health insurance premimums of around $3,500.
Where should I take the deduction on Schedule A of Schedule C.
In 2010 I took it on Schedule C,
Someone told me that for 2011 you could only use Scehdule A.


ALso regarding FORM SE can you explain what the below means in "plain english"
I am using Turbotax so I assume it will automatically account for this



The self-employment health insurance deduction no longer offsets the self-employment tax.
In 2010 only, self-employed workers were able to reduce the amount subject to self-employment tax on Schedule SE by the amounts paid for health insurance premiums. You can still take the deduction on Form 1040 as an adjustment to income.


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State/Country relating to question: New York

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Submitted: 5 years ago.Category: Tax
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Answered in 16 minutes by:
1/11/2012
Tax Professional: wm030303, Enrolled Agent replied 5 years ago
wm030303
wm030303, Enrolled Agent
Category: Tax
Satisfied Customers: 112
Experience: I am both a CPA and EA with over 30 years of experience in solving tax related issues.
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wm030303 :

Hello and thanks for using Just Answer.

wm030303 :

Since you are self employed during 2011 it would be to your advantage to take the health insurance deduction as an adjustment to income on line 29 of your 1040 as an adjustment to income as opposed to an itemized deduction on schedule A.

wm030303 :

The $3500 you paid toward health insurance will reduce your gross income by this amount but will not reduce your self employment income, so for schedule SE you will not get the reduction in self employment income.

Customer:

THANK YOU

wm030303 :

Your welcome, kindly accept if you are satisfied with my answer.

Customer:

since it does not decrease my SE income. I would be able to contribute more to my IRA-SEP?

wm030303
wm030303, Enrolled Agent
Category: Tax
Satisfied Customers: 112
Experience: I am both a CPA and EA with over 30 years of experience in solving tax related issues.
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