Ask Question
24 July, 04:37

Which of the following is true about the self-employed health insurance deduction? a. Medical insurance is allowed as a deduction, subject to a dollar limitation. b. Long-term care insurance is allowed as a deduction, subject to a dollar limitation. c. The cost of insurance for dependent children is not allowed. d. Dental insurance is not part of the allowable deduction. e. Life insurance is allowed as a deduction.

+3
Answers (1)
  1. 24 July, 08:02
    0
    b. Long-term care insurance is allowed as a deduction, subject to a dollar limitation.

    Explanation:

    Long-term care insurance is designed to provide daily benefit to the holder when he is in need of assistance do some activities related to daily living such dressing, eating, bathing, and among others.

    It is possible for self employed to qualify to deduct 100% of the premium paid for long-term care insurance subject to the maximum of 2020 age-based eligible premium amounts as provided below:

    Age 40 and below = $430

    Age 41 - 50 = $810

    Age 51-60 = $1630

    Age 61-70 = $4350

    Age 71 and over = $5430
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Which of the following is true about the self-employed health insurance deduction? a. Medical insurance is allowed as a deduction, subject ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers