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Posted by ed on January 28, 2008, 9:49 am
Please log in for more thread options On Jan 27, 10:12 pm, "removeps-gro...@yahoo.com" <removeps-
gro...@yahoo.com> wrote:
>
> > > I retired in april of 2006 from the government. I am now self-
> > > employed. I pay health insurance premiums to continue my health
> > > insurance as an annuitant, altho govt pays part of premium as well.
> > You can't deduct on line 29 premums for a policy that is subsidized by
> > your employer (Or former employer). However, the other health ins
> > plans you pay on your own (LTC and Dental) can be deducted on line 29
> > of 1040. Any health premiums can be deducted on Schedule A as Medical
> > Expense.. You can't deduct any of these as a busines expense on
> > Schedule C..
>
> But it's not the employer or former employer who subsidizes part of
> the premiums. It's the government. So are the health insurance
> premiums that he paid fully deductible?
>
> --
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> << The foregoing was not intended or written to be used, >>
> << nor can it used, for the purpose of avoiding penalties >>
> << that may be imposed upon the taxpayer. >>
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> << are atwww.asktax.org. >>
> << Copyright (2007) - All rights reserved. >>
> << ------------------------------------------------------- >>
In your case the Government was your employer. That prohibits a line
29 deduction for those plans. Any other after-tax insurance your paid
is deductible on Schedule A.
ed
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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