Possi Posted April 24, 2021 Report Posted April 24, 2021 My client is 75 yr old self employed financial planner on Sch C. I have always taken the Self employed Health Insurance deduction for him. While his wife was working, she was on the employer's plan. He was not. I think that when his 76 yr old wife retired several years ago, I should have ALSO taken her insurance expenses as SEHI adjustment. Have I been short changing them? It's a large adjustment, like from $16k last year to $23k this year, if I include hers. Quote
Abby Normal Posted April 24, 2021 Report Posted April 24, 2021 I always take for both spouses in cases like this. 6 Quote
Possi Posted April 24, 2021 Author Report Posted April 24, 2021 I will be amending some returns for free, then. I don't know why this didn't click with me when she retired. Burnout. 1 Quote
Lee B Posted April 24, 2021 Report Posted April 24, 2021 Why is their health insurance so much? I am 74 and my wife is 71 and our combined insurance premiums, Medicare Part B, Medicare Supplement and Medicare Part D is about $8,000 per year. Even adding Dental and Vision coverage for both of us the total annual would still be less than $11,000 Quote
Possi Posted April 24, 2021 Author Report Posted April 24, 2021 13 minutes ago, cbslee said: Why is their health insurance so much? I am 74 and my wife is 71 and our combined insurance premiums, Medicare Part B, Medicare Supplement and Medicare Part D is about $8,000 per year. Even adding Dental and Vision coverage for both of us the total annual would still be less than $11,000 that's a great question. I'm going to double check my figures right now..... 1 Quote
Possi Posted April 24, 2021 Author Report Posted April 24, 2021 15 minutes ago, cbslee said: Why is their health insurance so much? I am 74 and my wife is 71 and our combined insurance premiums, Medicare Part B, Medicare Supplement and Medicare Part D is about $8,000 per year. Even adding Dental and Vision coverage for both of us the total annual would still be less than $11,000 I was looking at the TOTAL adjustments before. Sorry. That was inflated for half of SE Tax. The SEHI total for both is $15,319. It includes Medicare, Medigap, Long term care, dental and Part D. 3 Quote
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