markusfloyd9192
26.02.2020 •
Business
Which of the following is true about the self-employed health insurance deduction? a. Medical insurance is allowed as a deduction, subject to a dollar limitation. b. Long-term care insurance is allowed as a deduction, subject to a dollar limitation. c. The cost of insurance for dependent children is not allowed. d. Dental insurance is not part of the allowable deduction. e. Life insurance is allowed as a deduction.
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Ответ:
b. Long-term care insurance is allowed as a deduction, subject to a dollar limitation.
Explanation:
Long-term care insurance is designed to provide daily benefit to the holder when he is in need of assistance do some activities related to daily living such dressing, eating, bathing, and among others.
It is possible for self employed to qualify to deduct 100% of the premium paid for long-term care insurance subject to the maximum of 2020 age-based eligible premium amounts as provided below:
Age 40 and below = $430
Age 41 - 50 = $810
Age 51-60 = $1630
Age 61-70 = $4350
Age 71 and over = $5430
Ответ: