Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

If an independent contractor l(paid with 1099s) allowed to…

Customer Question
If an independent contractor l(paid...
If an independent contractor l(paid with 1099s) allowed to deduct his cost of health insurance on fed tax returns?
Submitted: 3 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 3 minutes by:
6/3/2015
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,446
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Absolutely.
One of the better Tax incentives out there.
From here:
http://www.irs.gov/uac/Newsroom/Dont-Miss-the-Health-Insurance-Deduction-if-Youre-Self-Employed
"If you are self-employed, the IRS wants you to know about a tax deduction generally available to people who are self-employed.
The deduction is for medical, dental or long-term care insurance premiums that self-employed people often pay for themselves, their spouse and their dependents.
The insurance can also cover your child who was under age 27 at the end of 2012, even if the child was not your dependent."
Let me know if you need help with this or have other questions...
lane
Ask Your Own Tax Question
Tax Professional: Tax.appeal.168, Tax Accountant replied 3 years ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,715
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified
Welcome. Thank you for choosing us to assist you. My name is ***** ***** my goal is to help make your life, a little... less taxing.
DIFFERENT EXPERT HERE.
While the answer by the first responding person lets you know that you can deduct the insurance on your federal return, vital information, such as, what line to deduct the insurance on was not provided. That would be Line 29 of the Form 1040. What good is having information if you don't know how to apply it?
Let me know if I can be of further assistance to you regarding this matter.
Ask Your Own Tax Question
Customer reply replied 3 years ago
Thank you very much. This info is for my son and is most helpful to him as he need to get health insurance. Many Thanks for swift reply!
Tax Professional: Tax.appeal.168, Tax Accountant replied 3 years ago
You are very welcome. Have a great evening.
Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 years ago
P.S.
As your question is about eligibility, (can he TAKE the deduction) I thought of a couple of things that MIGHT affect, or limit, that:
(1) Eligibility is determined month-by-month
He can only claim the health insurance premiums write-off for months when neither he nor his spouse (if any) were eligible to participate in any employer-subsidized (group) health plan.
For example, lets say he's single and left his employer to BE an independent contractor in June, then he can only deduct the premiums he paid for the last six months of the year.
(2) There's an earned income limitation
The deduction can't be more than the profit he makes from his business.
For example, if his self-employment is a sole proprietorship, and he had a tax loss for the year, then he's not allowed to claim the deduction because his contractor didn't generate any positive earned income.
Sorry for the data-dump, but again, since your question was whether or he could take the deduction, I wanted to cover all the bases and list the two things that might still get in the way.
Let me know if you have ANY questions at all...
Lane
If this HAS helped, I would appreciate a positive rating (using the stars or smiley faces on your screen)… That’s the ONLY WAY I'm credited for the effort here.
Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,446
14,446 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Maryland personal property tax return. Is medical billing
Maryland personal property tax return. Is medical billing software (not canned software) personal property?… read more
Alexander Efros
Alexander Efros
Masters of Business Administration (MBA)
42 satisfied customers
Is there a Statute of Limitations on changing Self
is there a Statute of Limitations on changing Self Employment income? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Currently I live in FL and work as an independent contractor
Currently I live in FL and work as an independent contractor (I have my own S-Corp) for a locum company as a doctor. I make 305k paid as independent contractor with travel and stay being covered by th… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I pay the union dues for an independent contractor I use. Do
I pay the union dues for an independent contractor I use. Do I have to include those payments as income on his 1099?… read more
Carter McBride
Carter McBride
LLM
1,152 satisfied customers
My CPS has filed my federal tax return electronically and as
My CPS has filed my federal tax return electronically and as a confirmation has only provided to me a tracking number assigned by IRS (long 20-digit number). Is there a way to confirm what has been ef… read more
Carter McBride
Carter McBride
LLM
1,152 satisfied customers
I functioned as an Independent Contractor under the
Hello, I functioned as an Independent Contractor under the unofficial name BLUECHALK DESIGN August 1 - Dec 1. Then I registered my business as BLUECHALK DESIGN, LLC Dec. 1. For tax filing purposes, do… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
New Jersey denied my earned income child tax credit but the
New Jersey denied my earned income child tax credit but the federal gave it to me. Will the state(New Jersey) tell the fed I was denied after the fed all ready gave it to me … read more
Carter McBride
Carter McBride
LLM
1,152 satisfied customers
On form 1040, line 27, what is the deductible part of the
On form 1040, line 27, what is the deductible part of the self-employment tax requiring schedule SE?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,270 satisfied customers
Child and Dependent Tax Form 2441 Error: IRS Rejected return
Child and Dependent Tax Form 2441 Error: IRS Rejected return due to dependent's social security number being used on someone else's From 2441. Child is my dependent this tax year, I am Head of Househo… read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
43 satisfied customers
Question regarding my 2017 federal tax return what can i
Hello Question regarding my 2017 federal tax return what can i deduct from my refinance with cash out for home improvement… read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
43 satisfied customers
I am an independent contractor or self-employed with
I am an independent contractor or self-employed with Colonial Life. I am 1099. So that I am not penalized in 2019 I need to send in an estimated tax payment each quarter. I am 66 yrs old and my wife i… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
IRS tax question: If an independent contractor who is a
IRS tax question:If an independent contractor who is a realtor provides meals on premises for other realtors who are also independent contractors can they take the meals and entertainment deduction at… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,392 satisfied customers
My mom is a dependent on my tax return with no work income.
Hello, my mom is a dependent on my tax return with no work income. She does receive few thousands of social security income. She received form 1095-A and says she is required to file a tax return. Whe… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
The medical expense amount in my federal return of $11,106
The medical expense amount in my federal return of $11,106 is not being transferred to my state return. … read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
Can a child file tax return and a parent still claim the
Can a child file tax return and a parent still claim the child as dependent? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,047 satisfied customers
On the Federal Return the Medical and Dental line expenses
On the Federal Return the Medical and Dental line expenses don't jive with what I enter. Line #4 all the money does not transfer to the Wisconsin Schedule 1 Line 1, the medical and dental expenses. … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
358 satisfied customers
If I worked as an independent contractor for a company
Hi if I worked as an independent contractor for a company located overseas and did not receive a 1099 form am I still required to file it on my tax return?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I want to ask a question about Income tax return form 1040..
Hello I want to ask a question about Income tax return form 1040.. I want to fill form but My wife doesnt have any ssn number. She is housewife and she has no income. Which option should I choose from… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
358 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x