NOL Question - SE Health Insurance on Sch A

[BulldogTom]

TP has SE Health Insurance, but because of the losses in the business, none of it is on the front of the 1040, it is all on the Sch A. 

Is SE Health Insurance now a non-business deduction because it is on the A?  It seems to me that it is a business expense and should retain that character even though it cannot be deducted on the front of the 1040.

It is a pretty big deal, as the TP paid over 17K in premiums, and if I can determine that they are a business deduction, I can get a nice refund from carrying this back.

Thanks

Tom
Newark, CA

[jklcpa]

The taxpayer must have a net profit from the business in order to take the SEHI deduction. The loss does knock it out and cause the reporting to be on Sch A. Sorry.

 

[BulldogTom]

A guy can hope, right?

Thanks Judy

Tom
Newark, CA

[RitaB]

12 hours ago, BulldogTom said:

A guy can hope, right?

Thanks Judy

Tom
Newark, CA

No.  There is no hoping in taxes.  Or crying.  Only hugging.