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Registered
Join Date: Aug 2002
Location: Galivants Ferry, SC
Posts: 10,550
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Turbo-Tax "Home and Business" users/self employed. Question
Ughh...... wrestling again with tax rules and forms.....
For people here who are 1.) Self employed 2.) don't have an employer's health care plan to buy ( like thru a spouse who works) 3.) Uses Turbo-Tax "Home and Business" software..... Question..... There is a health insurance premium deduction you can normally take ( against income taxes)....but for 2010 ONLY, there is an obscure , ONE-TIME ONLY deduction you can ALSO take against Social Securtiy and Medicare costs.....that does NOT show up on tax forms because the IRS did not want to change tax forms on this unique basis. ......how do you enter the premiums paid on a "canned" program like this Turbo-Tax Home and Business?....Manual entry after you print out ?....and make manual math corrrections?...ughhhh...... Here is a web article....I guess it tells you what to do but it assumes total manual entries?---> Hidden Tax Break for Self-Employed - CBS MoneyWatch.com
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Wil Ferch 85 Carrera ( gone, but not forgotten ) Last edited by Wil Ferch; 04-10-2011 at 12:04 PM.. |
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04-09-2011, 12:15 PM
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Banned
Join Date: May 2006
Location: Dana Point, Ca
Posts: 55,591
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I guess you won't be asking Tim Geitner.
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04-09-2011, 01:49 PM
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Registered
Join Date: Aug 2002
Location: Galivants Ferry, SC
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Or anyone else manning a shut-down gov't soon.....
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Wil Ferch 85 Carrera ( gone, but not forgotten ) |
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04-09-2011, 03:38 PM
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doesn't turbotax guarantee that you will receive all allowable deductions?
I didn't know about this deduction, which I would also be entitled to, and I used turbo tax. I sent my forms in a few days ago! maybe call turbo tax and ask them? if you had to manually do this, it would really make a mess of the turbo tax forms and return. |
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04-09-2011, 05:00 PM
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Registered
Join Date: Aug 2002
Location: Galivants Ferry, SC
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Yes it would make a mess, cross-checking where a manual entry may affect any number of "other" forms......therefore my question......clock is ticking.....
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Wil Ferch 85 Carrera ( gone, but not forgotten ) |
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04-10-2011, 12:02 PM
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Registered
Join Date: Aug 2002
Location: Galivants Ferry, SC
Posts: 10,550
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UPDATE...... Turbo Tax indeed *does* do this for you ( hurrah !)....but as advised by the linked article....Turbo Tax does not make a word entry on the dotted line entry on Form SE, line 3. It apears it doesn't have to.... as it correlates and relates directly to form 1049, line 29 .... anyway. As if the IRS actually DID change the forms for this "one-year-only" case.
So..... false alarm...... we're good.
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Wil Ferch 85 Carrera ( gone, but not forgotten ) |
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04-10-2011, 12:35 PM
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