Discussion:Self-employed health insurance deduction insurance paid from retirement account
From TaxAlmanac
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
| 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) | |
Bushmaster (talk|edits) said: | 13 March 2014 |
| Me too. | |
| 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. | |
| 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. | |
