Question

[The following information applies to the questions displayed below Smithers is a self-employed individual who earns $35,000 per year in self-employment income Smithers pays $2,250 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation. d. Smithers is self-employed, and he is also married. Smithers's spouse, Samantha, is employed full-time by SF Power Corporation and is covered by SF's health plan. Smithers elected not to participate in SF's health plan. Deductible as a for AGI deduction only Deductible as an itemized ded uction only Deductible as either a for AGI deduction or itemized deduction Not deductible

Answer 1

Smithers is self-employed and he is also married. Smithers's spouse, Samantha, is employed full-time by SF Power Corporation and is covered by SF’s health plan. Smithers elected not to participate in SF’s health plan.

Answer:

Deductible as an itemized deduction only $2,250.

Smither is a self employed but he is not eligible to deduct the health insurance premium as AGI deduction.