I retired in april of 2006 from the government. I am now self- employed. I pay health insurance premiums to continue my health insurance as an annuitant, altho govt pays part of premium as well.
as a self employed person can i deduct the premiums i pay as a business expense??
would the same answer apply to Long term care ins and dental/vision ins for which i pay the entire premium ??
You can't deduct on line 29 premums for a policy that is subsidized by your employer (Or former employer). However, the other health ins plans you pay on your own (LTC and Dental) can be deducted on line 29 of 1040. Any health premiums can be deducted on Schedule A as Medical Expense.. You can't deduct any of these as a busines expense on Schedule C..
ed
But it's not the employer or former employer who subsidizes part of the premiums. It's the government. So are the health insurance premiums that he paid fully deductible?
In your case the Government was your employer. That prohibits a line
29 deduction for those plans. Any other after-tax insurance your paid is deductible on Schedule A.ed
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