There's no way that's okay
# taxes
n
There's no way that's okay
f
Interesting, FreeTaxUSA didn't say anything. I'll have to crunch the numbers, but I think I can split the expense to claim part for each deduction, and still hit 7.5% together with medical bills.
w
NJ State tax also has a medical deduction, must hit certain thresholds too
n
Much lower I think 2.5%
f
I was wrong. They do mention it on the Schedule A page:
You've already reported $XYZ of health and long-term care insurance premiums as business expenses so don't include those here. $ABC of these business expenses couldn't be deducted from your self-employment income and will instead be included in your itemized deductions. Don't report these expenses again below.
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I re-crunched the numbers, and it's still better to claim as much as I can for self-employment health insurance.
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h
Trying to figure out how to apply this info to my own scenario. Are healthshare contributions eligible? What about health expenses besides for premiums?
f
It sounds like just premiums, but it includes dental and vision. https://www.irs.gov/pub/irs-pdf/i1040gi.pdf Schedule 1 Line 17 (pg. 94)
You may be able to deduct the amount you paid for health insurance (which includes medical, dental, and vision insurance and qualified long-term care insurance) for yourself, your spouse, and your dependents.
h
insurance premiums from work were already paid pre-tax so that's not helpful, right?
f
Correct. This is for self-employment.