Taxpayer, who is self-employed, files a joint return with Spouse. This year, Taxpayer paid $6,500 for health insurance premium for himself and earned net profit of $60,000 from his self-employment activity. Select the statement that best describes the circumstance under which Taxpayer will be permitted to deduct the premiums FOR AGI.

Taxpayer, who is self-employed, files a joint return with Spouse. This year, Taxpayer paid $6,500 for health insurance premium for himself and earned net profit of $60,000 from his self-employment activity. Select the statement that best describes the circumstance under which Taxpayer will be permitted to deduct the premiums FOR AGI.

Neither Taxpayer nor Spouse participates in an employer-sponsored plan although both are eligible to participate in a plan sponsored by Spouse's employer

Taxpayer can deduct the health insurance premiums regardless of the insurance status of Spouse

Spouse and Taxpayer are eligible to participate in an employer-sponsored plan offered by Spouse's employer, but Taxpayer chooses not to participate

Spouse's employer sponsor's a plan in which Spouse participates but in which Taxpayer is not eligible to participate

There are no circumstances under which Taxpayer may deduct the premiums FOR AGI; medical expenses are only deductible as itemized deductions