In 2010,Barry pays a $3,000 premium for high-deductible medical insurance for himself and his family.In addition,he contributes $2,600 to a Health Savings Account.Which of the following statements is true?
A)If Barry is self-employed,he may deduct $5,600 as a deduction for AGI.
B)If Barry is self-employed,he may deduct $2,600 as a deduction for AGI and may include the $3,000 premium when calculating his itemized medical expense deduction.
C)If Barry is an employee,he may deduct $5,600 as a deduction for AGI.
D)If Barry is an employee,he may include $5,600 when calculating his itemized medical expense deduction.
E)None of the above.

Question

Quizplus · Accepted Answer

If Barry is self-employed, he may deduct $5,600 as a deduction for AGI because both the premium and the HSA contribution are deductible for self-employed individuals.

In 2010,Barry Pays a $3,000 Premium for High-Deductible Medical Insurance