Moe has a law practice and earns $322,000 which he reports on his Schedule C.His wife, Mindy, works part-time at Wal-Mart and earns $8,300.Mindy does not receive any medical benefits through Wal-Mart.Their 29-year-old daughter, Michelle, who is not a dependent, is working toward earning her Master's degree.Moe and Mindy pay the following amounts: $$\begin{array} { l r }
\text { Health insurance for Moe and Mindy } & \$ 8,100 \
\text { Dental insurance for Moe and Mindy } & 600 \
\text { Vision care insurance for Moe and Mindy } & 425 \
\text { Health insurance for their daughter } & 3,620 \
\text { Long-term care insurance for Moe who is } 54 \text { years old } & 1,680
\end{array}$$ How much may Moe and Mindy claim on their tax return as a self-employed health insurance deduction?

Question

Moe has a law practice and earns $322,000 which he reports on his Schedule C.His wife, Mindy, works part-time at Wal-Mart and earns $8,300.Mindy does not receive any medical benefits through Wal-Mart.Their 29-year-old daughter, Michelle, who is not a dependent, is working toward earning her Master's degree.Moe and Mindy pay the following amounts: $$\begin{array} { l r } 
\text { Health insurance for Moe and Mindy } & \$ 8,100 \
\text { Dental insurance for Moe and Mindy } & 600 \
\text { Vision care insurance for Moe and Mindy } & 425 \
\text { Health insurance for their daughter } & 3,620 \
\text { Long-term care insurance for Moe who is } 54 \text { years old } & 1,680
\end{array}$$ How much may Moe and Mindy claim on their tax return as a self-employed health insurance deduction?

Quizplus · Accepted Answer

The Answer is $10,685, calculated as $8,100 + $600 + $425 + $1,560 limitation on long-term care insurance.The health insurance for their daughter is not deductible because she is not under the age of 27.

Moe Has a Law Practice and Earns $322,000 Which He