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Posted

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.

Posted

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

Posted
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..... 

  • Like 1
Posted
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. 

  • Like 3

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