qbteachmt
Level 15
04-15-2021
03:51 PM
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Your topic's Title seems to be one question:
"If you are a W-2 wage earner and have a Sch C Business can you deduct SE Health Ins premiums"
Yes; that's exactly what happens for an S Corp greater than 2% shareholder-employee.
Read about it here: https://www.irs.gov/publications/p535#en_US_2020_publink1000208843
"on Line 10a of the Form 1040 derived from Sch 1 Line 16?"
It carries over as deductible, up to the net income from the related business; the rest would carry over as part of itemized.
The Body of this topic seems to be a different issue entirely:
"it may be more beneficial to claim those premiums as an SE health insurance deduction instead of an itemized deduction."
Medicare coverage is treated the same, as would be marketplace coverage..
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"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.