Can a sole proprietor deduct insurance premiums
Can a sole proprietor, who works part time and is retired collecting a pension and social security deduct insurance premiums paid for supplemental insurance and dental insurance. They make as much working part time as they do their pension and social security.
Yes, up to the amount of the net income from self-employment (with some limitations) if they cannot participate in a subsidized plan.
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So a subsidized plan would be a type of financial assistance for health insurance. It looks to me like if a single person makes between $29,000 and $47,000 they are not eligible for any type of subsidized insurance plan.
So if a person makes the following would they be eligible and if so, how far back can you go to correct tax returns. 3 years?
retirement - $9656.12
ss - $15619.20 ( insurance deducted $1922.40)
part time wages - $11717.00
part time contracted services - $6000 (net income)
total income: $41069.92
Husband makes $43634.60 - just pension and social security