Other Tax Questions
Questions and comments on other topics covered in Fairmark.com, such as UTMA accounts, and any tax questions that don't fit our other categories.
Self Employed Health Insurance Deduction
Posted by: vlad, April 8, 2017 11:49PM
I'm reviewing my 1040 before e-filing and see that Taxact deducted the cost of my insurance premiums twice. First on line 29, and then again on Schedule A. I had a lot of medical expenses and this caused it to itemize instead of taking standard deduction. But the fact that insurance premiums were included in the total for medical expenses seems like an error on TaxAct's part because I read elsewhere that if you deduct your health insurance premiums under the self-employed health insurance deduction, you canít include them in your itemized medical expenses.

I'm waiting to hear back from TaxAct regarding this, I suspect it might be an error in their software, I'm using their online Premium version. Seems like there's a lot of bugs in it this year, I wasn't even able to use their "Stock Assistant" like I did in the past, this year I had to attach my broker's 1099-B PDF instead for schedule D.

So does anyone know if deducting insurance premiums twice is allowed?

Thank you.

Re: Self Employed Health Insurance Deduction
Posted by: kaneohe, April 9, 2017 01:29PM
I am guessing your instincts are good. Generally it seems that you can't double-dip.....e.g. you can't use the same medical expenses to justify HSA withdrawals and Sch A deductions. The link below talks about a case where you might have to split the premiums between the 2 locations you mentioned...but not use them twice.


[loopholelewy.com]

Re: Self Employed Health Insurance Deduction
Posted by: Art, April 9, 2017 04:36PM
Also, while an attached broker's .pdf might work with an 8949 and/or schedule D, it does not replace a schedule D.



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