Self-Employee Tax Question?

Question

I was an independent contractor at the being of the year then I was hired by the same company. (1099-MIS and W-2)
I would like to know if I could deduct 100% of my medical expences or would it still need to be over the 7.5% of my adjusted gross income.

Answer 1

The portion of medical insurance premiums that you paid and was attributable to the period when you were self-employed can be partially deducted (50%) against your self employment income. Any medical expenses that you paid, such as prescription medicines and doctor visits, during the entire year, and medical insurance premiums that you paid that WERE NOT obtained through a pre-tax employer sponsored plan would be deductible to the extent that it exceeded 7.5% of your adjusted gross income.

Answer 2

Oops, I gave Bostnianinmo a thumbs down by mistake. There is a differenc between medical expenses and medical premiums. Medical premiums paid by a self-employed person can be deducted above-the-line, as long as you have SE profits to cover them. All medical expenses other than premiums are only deductible on Schedule A. As the first poster said, you must apportion.

Answer 3

Self-employed people get no extra breaks on the medical deduction for the IRS. Our government (whoms employees get the best free medical our taxes can buy) do not give citizens any breaks on this.

If you own your own corporation the officer has to pay tax on the insurance the company pays, what crap is that?

Answer 4

Oops, I gave Bostnianinmo a thumbs down by mistake also.
Sorry, I didn't read the question correctly. Bostnianinmo is correct.
All medical EXPENSES are subject to the 7.5% AGI reductions.

Answer 5

Medical expenses are always subject to the 7.5% AGI restriction, whether you are an employee or are self employed.