Health Insurance deduction for self-employed students


E

egkeeling

I am a self-employed musician and music teacher. My business
is under my own name. Over the past few years I have been:

a) A self-employed musician with a personal health insurance
policy in my own name. All income from self-employment.
b) Self-employed as before but also going to school for a
second degree (Biology) and paying for student health
insurance which was a better deal than the insurance I was
getting before being a student.
c) Self-employed as before but now with extra income from a
research assistantship from the university and still with
the student health insurance.

Question: For which of those periods can I take (or should
I have taken) the self-employed health insurance deduction
(line 30, 1040)?

Thanks
EG
 
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E

ed

I am a self-employed musician and music teacher. My business
is under my own name. Over the past few years I have been:

a) A self-employed musician with a personal health insurance
policy in my own name. All income from self-employment.
b) Self-employed as before but also going to school for a
second degree (Biology) and paying for student health
insurance which was a better deal than the insurance I was
getting before being a student.
c) Self-employed as before but now with extra income from a
research assistantship from the university and still with
the student health insurance.

Question: For which of those periods can I take (or should
I have taken) the self-employed health insurance deduction
(line 30, 1040)?

Thanks
a. You should have taken the SE Health ins deduction.
b. You could have taken the SE Health Ins deduction
because the school was not your employer.
c. You shouldn't take the SE HEalth Ins deduction
because it is *available* from your employer.

ed
 
W

Wayne Brasch

egkeeling said:
I am a self-employed musician and music teacher. My business
is under my own name. Over the past few years I have been:

a) A self-employed musician with a personal health insurance
policy in my own name. All income from self-employment.
b) Self-employed as before but also going to school for a
second degree (Biology) and paying for student health
insurance which was a better deal than the insurance I was
getting before being a student.
c) Self-employed as before but now with extra income from a
research assistantship from the university and still with
the student health insurance.

Question: For which of those periods can I take (or should
I have taken) the self-employed health insurance deduction
(line 30, 1040)?
I would think you should have taken that adjustment to
income during all of those times you were self-employed.

Wayne Brasch, CPA, M. S. Taxation
 
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M

MTW

egkeeling said:
Question: For which of those periods can I take (or should
I have taken) the self-employed health insurance deduction
(line 30, 1040)?
Questions for you: Are you married? And, if so, does your
spouse work? And, if so, are you ELIGIBLE to participate in
any plan sponsored by your spouse's employer? (Additional
questions may follow.)

MTW
 

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