During the 2020 tax year, Gwen supports her family as a physical therapist. She reports $90,000 of earned income on her Schedule C and paid the following insurance premiums:Family health insurance: $15,000Family dental insurance: $2,000Health insurance for her 24-year-old son who is not a dependent: $3,000Long-term care insurance for her 49-year-old husband: $900Use the following table for long-term care premium limitations.Attained Age Before the Closeof the Taxable Year2020Limitation on Premiums40 or less$430 More than 40 but not more than 50$810 More than 50 but not more than 60$1,630 More than 60 but not more than 70$4,350 More than 70$5,430 What is Gwen's self-employed health insurance deduction for 2020?$fill in the blank 1

Health insurance is a type of insurance that pays for medical costs incurred as a result of an…

Answered: During the 2020 tax year, Gwen supports…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

During the 2020 tax year, Gwen supports her family as a physical therapist. She reports $90,000 of earned income on her Schedule C and paid the following insurance premiums:

Family health insurance: $15,000
Family dental insurance: $2,000
Health insurance for her 24-year-old son who is not a dependent: $3,000
Long-term care insurance for her 49-year-old husband: $900

Use the following table for long-term care premium limitations.

Attained Age Before the Close of the Taxable Year	2020 Limitation on Premiums
40 or less	$430
More than 40 but not more than 50	$810
More than 50 but not more than 60	$1,630
More than 60 but not more than 70	$4,350
More than 70	$5,430