Author Topic: Tax Questions: Health Insurance for Self Employed  (Read 889 times)

SoCal

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Tax Questions: Health Insurance for Self Employed
« on: August 04, 2014, 06:18:47 PM »
Having recently early retired but continuing light 1099 consulting back to my previous employer, I have a couple of US tax questions related to the health insurance adjustment to taxable income for self employed profits.

1.  Anticipating 1099 income to dry up after 2014, can I prepay all 2015 health insurance premiums in Dec 2014 and claim the full income adjustment on my 2014 tax return? 

2.  It seems smarter to push most of my healthcare expenses into tax-deductible premiums rather than generally non-deductible (below a cap) copays & coinsurance.  This suggests a more expensive Platinum plan with the lowest out of pocket expenses is more prudent than cheaper Bronze, Silver, or Gold plans.

I think I'm right on these points, but thought I'd ask if another reader has relevant experience.