The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Insurance Q: 1099-Misc (Sched. C) & W2 Jobs Date:  1/31/2012  1:13 AM
Author:  Donna405 Number:  114782 of 129380

You could not deduct that item from any self-employment income in any event, as it is not an expense paid from your self-employment income. However, if the medical insurance is paid from pre-tax dollars, you may not deduct it. If it is paid from after tax-dollars, then you can deduct your portion of the premium under the medical expenses deduction, subject to the 7-1/2 per cent.

As far as the long-term care insurance, that too, may be deductible from your medical expenses deduction. I'm not sure re: vision insurance.

For a more complete explanation see:

Copyright 1996-2019 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us