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
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
Chapter6: Business Expenses
Section: Chapter Questions
Problem 59P
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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 |
What is Gwen's self-employed health insurance deduction for 2020?
$fill in the blank 1
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