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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- IA health insurance deduction, not itemizing
IA health insurance deduction, not itemizing
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JF19
Level 2
04-03-2024
10:08 PM
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I have a client that has paid health insurance premiums, but can't itemize on the IA return. There is a provision for this to be deductible to arrive at taxable income. The return won't calculate this deduction. Can the health insurance premiums be deducted against all types of income, dividends, interest primarily? It appears when the system reduces the IA income for retirement income, SS, it won't allow the health insurance deduction to arrive at taxable income.
Client has $310K in dividends, $8K in interest, $45K in retirement, $47 in SS. The health insurance was paid with after tax dollars.
