Question

The tax benefit for health insurance premiums paid by a self-employed taxpayer is reported on their return as a

a) self-employed health insurance deduction on Schedule 1 that carries to page 2 of Form 1040

b) Premium tax credit on Form 8962 that carries to page 2 of Form 1040

c) medical and dental expense on Schedule A that carries to page 2 of Form 1040

d) Employee benefit programs on Schedule C. The net profit or loss from Schedule C then carries to page 2 of Form 1040.

Answer 1

The correct answer for the question is Option A - self-employed health insurance deduction on Schedule 1 that carries to page 2 of Form 1040. The self-employed health insuranec deduction is found on Schedule 1 and is different from the itemized deduction. As mentioned in the option, it is carreid over to page 2 of Form 1040.

Option B is incorrect as the correct form for deduciton of self employed health insurance is Form 1040 and not Form 8962.

Option C is incorrect as it is not shown as medical and dental expense on Schedule A.

Option D is incorrect as it is not reported on the Employee benefits program on Schedule C since the health insurance premiums are paid by the employer for himself.

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