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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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Old 02-11-2013, 09:57 AM
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Default Health Insurance Premiums: Still Claimable?

I believe it was back in 2010 that self-employed people were able to claim their health insurance premiums as a tax deduction as long as they weren't able to get health insurance through their spouse's work. Is that still an option or did they only offer that benefit that year?
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Old 02-11-2013, 11:36 AM
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I believe we can claim it on the 1040 form...I remember reading something like that in Tom's book...(that is where I get a lot of my info..I don't know what I would do if it wasn't for that book!! )
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Old 02-11-2013, 11:48 AM
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I believe there is a line on the first page where you can deduct it and it adjusts your gross income. A credit I think right off the top. I sure hope so! I just got insurance for the first time in November and at almost $300 a month for myself it sure is taking a chunk of my money.
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Old 02-11-2013, 11:57 AM
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Default Health insurance

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Originally Posted by MarinaVanessa View Post
I believe it was back in 2010 that self-employed people were able to claim their health insurance premiums as a tax deduction as long as they weren't able to get health insurance through their spouse's work. Is that still an option or did they only offer that benefit that year?
You can deduct 100% of your health insurance premiums on Form 1040, line 29 only if you are not eligible to receive health insurance through an employer.
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Old 02-11-2013, 12:43 PM
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Thanks so much everyone!!!!
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Old 02-11-2013, 12:54 PM
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You can deduct 100% of your health insurance premiums on Form 1040, line 29 only if you are not eligible to receive health insurance through an employer.
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Old 02-12-2013, 12:10 PM
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What about if dh was at a job, but not eligible for them for 90+ days? We had some change over and lost insurance in June and purchased a policy until he had some in Oct and then that was lost and his new job doesn't offer any so we purchased yet another. So this last one we can deduct because they don't offer, but what about the June-Oct when he was just ineligible at the time?
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Old 02-12-2013, 12:27 PM
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What about if dh was at a job, but not eligible for them for 90+ days? We had some change over and lost insurance in June and purchased a policy until he had some in Oct and then that was lost and his new job doesn't offer any so we purchased yet another. So this last one we can deduct because they don't offer, but what about the June-Oct when he was just ineligible at the time?
For the time June-Oct when neither you nor your husband was eligible for health insurance, you can deduct the premiums of insurance you bought on your own. And since the new job doesn't offer any insurance you can deduct premiums after then.

Tonight! Join me for a webinar “2012 Tax Changes: How to Avoid Mistakes on Your Tax Return” Tuesday, February 12th at 8:30-10:00pm Eastern Time. The cost is $25 (100% tax deductible!). To register: http://events.r20.constantcontact.co...&llr=yatrx4cab
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Old 02-13-2013, 03:09 AM
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I looked at our last 2 years' returns. My husband's employer didn't offer health insurance so we've always paid our own. Our accountant didn't take the deduction either year. It looks like I'm going to have to amend our last 2 years of tax returns.
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Old 02-18-2013, 12:33 PM
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So Tom .. my hubby work dont offer him insurance. I purchased a hsa in my name and have him and my daughter covered under me. Is it just my protion of the premium im looking for to write off or the whole amount?
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Old 02-18-2013, 04:15 PM
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You can deduct the health insurance premiums for you and your daughter if neither of you are eligible to be covered by an employer plan. Enter on Form 1040, line 29.
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Old 02-18-2013, 04:59 PM
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So His wouldnt be wrote off but me and my daughters would be? Just making sure
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Old 02-19-2013, 09:18 AM
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So His wouldnt be wrote off but me and my daughters would be? Just making sure
Sorry I wasn't clearer. Since husband was not eligible to receive health insurance through his employer, you can deduct the insurance you purchased that covers him, your daughter and you. You only get to deduct half the insurance premiums, but do include the amount that covers your husband.
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Old 02-20-2013, 09:24 AM
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Ok Tom Im sorry to bug you again. In one of your articles it says this

Personal Deduction

1) You can claim medical expenses on IRS Form 1040 Schedule A Itemized Expenses. Unfortunately, these expenses must exceed 7.5% of your family's adjusted gross income before they will count. For example, if your adjusted gross income is $80,000, the first $6,000 of your medical expenses cannot be deducted ($80,000 x 7.5% = $6,000).

2) You can deduct 100% of your health insurance premium (on IRS Form 1040, line 29) if you meet the following conditions: you must not be eligible to purchase health insurance through an employer health plan and you must purchase insurance on your own. Let's say you are married and your husband has a health plan through his employer. If you are eligible to participate on his plan, you can't deduct your health insurance premiums on Form 1040. This would be true even if you didn't sign up for his plan, for whatever reason.

So is it 50 percent or 100 percent??
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Old 02-20-2013, 12:04 PM
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Originally Posted by care-care View Post
Ok Tom Im sorry to bug you again. In one of your articles it says this

Personal Deduction

1) You can claim medical expenses on IRS Form 1040 Schedule A Itemized Expenses. Unfortunately, these expenses must exceed 7.5% of your family's adjusted gross income before they will count. For example, if your adjusted gross income is $80,000, the first $6,000 of your medical expenses cannot be deducted ($80,000 x 7.5% = $6,000).

2) You can deduct 100% of your health insurance premium (on IRS Form 1040, line 29) if you meet the following conditions: you must not be eligible to purchase health insurance through an employer health plan and you must purchase insurance on your own. Let's say you are married and your husband has a health plan through his employer. If you are eligible to participate on his plan, you can't deduct your health insurance premiums on Form 1040. This would be true even if you didn't sign up for his plan, for whatever reason.

So is it 50 percent or 100 percent??
I must apologize again for giving your wrong information. Yes, you can deduct 100% of your health insurance premiums if you meet the above conditions. I don't know why I got this wrong before.

This is a good example of why it's always a good idea to push for a clarification if you believe you are not getting the correct information, or even if you are just not sure. I make mistakes, as do tax preparers and the IRS. So, always keep pushing to get clarification!
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