Smithers is a self-employed individual who earns $41,000 per year in self-employment income. Smithers pays $2,550 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation.
a. Smithers is single and the self-employment income is his only source of income. Choose reason and give amount
1. Deductible as a AGI deduction only
2. Deductible as an itemized deduction only
3. Deductible as either a AGI or itemized deduction
4. Not Deductible
b. Smithers is single, but besides being self-employed, Smithers is also employed part-time by SF Power Corporation. This year Smithers elected not to participate in SF's health plan. Choose reason and give amount
1. Deductible as a AGI deduction only
2. Deductible as an itemized deduction only
3. Deductible as either a AGI or itemized deduction
4. Not Deductible
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Smithers is a self-employed individual who earns $41,000 per year in self-employment income. Smither...
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