Mike and Rose are married and file jointly. Mike earns $45,000 from wages and Rose reports $450 on her Schedule C as an artist. Since Mike's work does not offer health insurance, Rose pays the following health insurance premiums from her business account:
Family health insurance $9,500
Family dental insurance 1,000
How much can Mike and Rose deduct as self-employed health insurance?
$450 . The deduction for self-employed health insurance is only allowed to the extent of the self-employed earnings. The remainder is deductible as an itemized medical deduction subject to the limitations discussed in Chapter 5.
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