To join in on this discussion, you must first log in.

Discussion:Self-employed health insurance deduction insurance paid from retirement account

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search

Discussion Forum Index --> Basic Tax Questions --> Self-employed health insurance deduction insurance paid from retirement account


Discussion Forum Index --> Tax Questions --> Self-employed health insurance deduction insurance paid from retirement account

DCTAX1 (talk|edits) said:

12 March 2014
Can a Taxpayer take the self-employed health insurance deduction under the following circumstances?

Taxpayer retired from W-2 job in May, 2013. In June, 2013, Taxpayer began a Schedule C consulting business. Taxpayer received taxable retirement income for 12 months of 2013. The Pension withheld after-tax funds from Taxpayer's retirement income and paid for health care premiums for Taxpayer and his wife. Can we use the premiums paid from his after-tax retirement pay as self-employed health insurance for the last seven months of the year? (Note: the premiums are not subsidized)

Ckenefick (talk|edits) said:

12 March 2014
I do.

Bushmaster (talk|edits) said:

13 March 2014
Me too.

Jake (talk|edits) said:

16 March 2014
Whatever 1099R he gets will reflect the taxable status of any distributions(s). What he thereafter does with those distributions are a separate matter. If donated to a 501(c)(3) charity they are a Sch A deduction. If used to pay SE health insurance, they can be an adjustment to income.

Ckenefick (talk|edits) said:

16 March 2014
I think OP is saying that the Health Insurance is withheld from the gross pension benefit...to pay for coverage on a policy related to the pension...a lot like Medicare premiums are withheld from SS benefits...and we know what the IRS has said about that.

To join in on this discussion, you must first log in.
Personal tools