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My wife is self employed and started her business in July 2017. For all of 2017 she had a private, individual plan just for herself in her name. I had coverage in 2017 for myself and four kids through another, separate private plan (my employer doesn't offer health coverage). For her self employment expenses, she can only claim the amount her plan premiums from July 2017 and not what my and my children's premiums were, correct? I have all of our medical premiums for all of 2017 totaled in our overall medical expense deductions.
The deduction is limited to the earned income from the business, so the choice you make regarding maintaining inventory or operating on a pure cash basis will impact this. Also, the policy has to be in the name of the self-employed individual (except in the case of Medicare premiums for a spouse/dependent).
Whatever doesn't qualify for the self-employed health insurance deduction qualifies as a medical expense for the year.
The deduction is limited to the earned income from the business, so the choice you make regarding maintaining inventory or operating on a pure cash basis will impact this. Also, the policy has to be in the name of the self-employed individual (except in the case of Medicare premiums for a spouse/dependent).
Whatever doesn't qualify for the self-employed health insurance deduction qualifies as a medical expense for the year.
Great thanks. And only the premiums paid while the business was active (in her case from July on) count?
Great thanks. And only the premiums paid while the business was active (in her case from July on) count?
Correct
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