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Can a sole proprietor deduct insurance premiums  


 Judy
(@judy-28)
Joined: 1 year ago
Posts: 2
Topic starter  

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.


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(@mary-lew)
Joined: 1 year ago
Posts: 1
 

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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 Judy
(@judy-28)
Joined: 1 year ago
Posts: 2
Topic starter  

@mary-lew

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

 

 

 

 


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