Self employed long term care premiums?

Forum|Forum|6 years ago
December 7, 2019
2 replies
22 views

I have not had a self-employed person have long term care insurance premiums.He had been using turbo tax and taking it off as self-employment ins. Not on schedule A. Is there a reg I can look at. I am not sure on this.

Thanks

Michele

Lacerte Tax

This topic has been closed for replies.

Best answer by sjrcpa

It is allowed. I don't know the cite.

sjrcpaAnswer

Level 15

It is allowed. I don't know the cite.

The more I know the more I don’t know.

S

Scott-A-Olson--CLTC

Level 2

It's found here: https://www.irs.gov/taxtopics/tc502

It reads: If you're self-employed and have a net profit for the year, you may be eligible for the self-employed health insurance deduction. This is an adjustment to income, rather than an itemized deduction, for premiums you paid on a health insurance policy covering medical care, including a qualified long-term care insurance policy for yourself, your spouse, and dependents. The policy can also cover your child who is under the age of 27 at the end of 2018 even if the child wasn't your dependent. See Chapter 6 of Publication 535, Business Expenses for eligibility information. If you don't claim 100% of your paid premiums, you can include the remainder with your other medical expenses as an itemized deduction on Form 1040, Schedule A.pdf.

itonewbie

Level 15

The citation you are looking for is §162(l).

---------------------------------------------------------------------------------Still an AllStar

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