Terrell, a self employed architect, paid for his health insurance out of his own

Question

Terrell, a self employed architect, paid for his health insurance out of his own pocket. He was not eligible to be covered under any other insurance plan until November 1, when he became eligible under his spouses employer sponsored plan. His total premiums paid for the year were $4,600. How much can Terrell deduct as an adjustment to income on his tax return? Terrell, a self employed architect, paid for his health insurance out of his own pocket. He was not eligible to be covered under any other insurance plan until November 1, when he became eligible under his spouses employer sponsored plan. His total premiums paid for the year were $4,600. How much can Terrell deduct as an adjustment to income on his tax return? Terrell, a self employed architect, paid for his health insurance out of his own pocket. He was not eligible to be covered under any other insurance plan until November 1, when he became eligible under his spouses employer sponsored plan. His total premiums paid for the year were $4,600. How much can Terrell deduct as an adjustment to income on his tax return?

Explanation / Answer

Terrell can deduct $4600.

Terell being a self employed will be eligible for the self-employed health insurance deduction. This is an adjustment to income on his tax return.

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