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Politics : View from the Center and Left
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To: Ron who wrote (236860)11/5/2013 2:19:05 PM
From: neolib  Read Replies (1) of 542060
 
Health insurance premiums are already a tax deduction. And, as far as I know, will continue to be.

Technically that is only true if the policy is purchased through your business. So individuals who don't run businesses (i.e. don't file Sch C or Sch F) can't claim the deduction. Its an incredible stupid distinction and needs to go, but that is the tax law currently. What is really funny is that many small businesses are sole proprietorships, which has no legal distinction from the individual anyway, so what does it mean to purchase a policy through your business when the business is you? In my case I have multiple sole proprietorships and don't even have separate checking accounts for them, I just have a personal account so I don't even use a dba name. I bought my insurance under my own name which is the same name as my sole proprietorships, and hence I've claimed the deduction and never been challenged by the IRS. I don't know what would happen to an individual who tried to claim the deduction if they didn't file a Sch C, F or possibly D.

But this does raise another question I have about ACA. Is the law on this deduction going to change in any way? For example if you bought a policy on the exchange because you qualify for a subsidy, would that disqualify the portion you still pay from the existing tax deduction? I've not seen any comments on this.
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