Question

Mark, a self- employed consultant, pastures for his health insurance out of pocket. He is not...

Mark, a self- employed consultant, pastures for his health insurance out of pocket. He is not eligible to be covered under any other insurance plan. his total premiums payoff for the great were $4,500. his meet earnings from self employment were$10,000. Mark can deductan adjustment to income of.?
A. $0
B. $2,250
C. $3,150
D. $4,500

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Homework Answers

Answer #1

In case of Self Employed Deduction of Health Insurance, the must condition to fulfill to check the eligibility and amount are:-

1. You have no Other Health Insurance Cover:- If you are eligible for any other health insurance , then deduction of this would not be available.

2. You Have Positive Business Income:- The Business Income should be Positive. The Deduction will be limited to the Business Income.

In the Above case as Mark is self employed, not eligible for any other insurance and also has positive business income, so the Maximum amount that can be deducted in Form 1040 will be 4500.

The Correct Answer is D

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