Question
Eric is a self-employed restaurant business owner. He paid $7,500 for the premium on a health insurance policy to cover the medical expenses for him
Eric is a self-employed restaurant business owner. He paid $7,500 for the premium on a health insurance policy to cover the medical expenses for him and his dependents. The $7,500 health insurance expense can be deducted where on the Federal Income Tax Forms?
Group of answer choices
a. Nowhere. The $7,500 is non deductible
b. The $7,500 can be deducted as a business expense on Schedule C.
c. The $7,500 can be deducted to arrive at Adjusted Gross Income on Form 1040, Schedule 1.
d. The $7,500 can be deducted as an itemized deduction for medical expenses on Form 1040, Schedule A.
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