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National War College

The National War College educates future leaders of the Armed Forces, State Department, and other civilian agencies through the study of national security strategy.

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Phone Number: (202) 685-3674

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Free tax returns 6. Free tax returns   Insurance Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Deductible PremiumsSelf-Employed Health Insurance Deduction Nondeductible Premiums Capitalized Premiums When To Deduct Premiums What's New Retiree drug subsidy. Free tax returns  Beginning in 2013, sponsors of certain qualified retiree prescription drug plans must account for the subsidy received by reducing the amount of qualified retiree prescription drug plans expense by the subsidy received (taking into account the taxpayer's accounting method). Free tax returns For more information, see the retiree drug subsidy frequently asked questions on IRS. Free tax returns gov. Free tax returns Introduction You generally can deduct the ordinary and necessary cost of insurance as a business expense if it is for your trade, business, or profession. Free tax returns However, you may have to capitalize certain insurance costs under the uniform capitalization rules. Free tax returns For more information, see Capitalized Premiums , later. Free tax returns Topics - This chapter discusses: Deductible premiums Nondeductible premiums Capitalized premiums When to deduct premiums Useful Items - You may want to see: Publication 15-B Employer's Tax Guide to Fringe Benefits 525 Taxable and Nontaxable Income 538 Accounting Periods and Methods 547 Casualties, Disasters, and Thefts Form (and Instructions) 1040 U. Free tax returns S. Free tax returns Individual Income Tax Return See chapter 12 for information about getting publications and forms. Free tax returns Deductible Premiums You generally can deduct premiums you pay for the following kinds of insurance related to your trade or business. Free tax returns Insurance that covers fire, storm, theft, accident, or similar losses. Free tax returns Credit insurance that covers losses from business bad debts. Free tax returns Group hospitalization and medical insurance for employees, including long-term care insurance. Free tax returns If a partnership pays accident and health insurance premiums for its partners, it generally can deduct them as guaranteed payments to partners. Free tax returns If an S corporation pays accident and health insurance premiums for its more-than-2% shareholder-employees, it generally can deduct them, but must also include them in the shareholder's wages subject to federal income tax withholding. Free tax returns See Publication 15-B. Free tax returns Liability insurance. Free tax returns Malpractice insurance that covers your personal liability for professional negligence resulting in injury or damage to patients or clients. Free tax returns Workers' compensation insurance set by state law that covers any claims for bodily injuries or job-related diseases suffered by employees in your business, regardless of fault. Free tax returns If a partnership pays workers' compensation premiums for its partners, it generally can deduct them as guaranteed payments to partners. Free tax returns If an S corporation pays workers' compensation premiums for its more-than-2% shareholder-employees, it generally can deduct them, but must also include them in the shareholder's wages. Free tax returns Contributions to a state unemployment insurance fund are deductible as taxes if they are considered taxes under state law. Free tax returns Overhead insurance that pays for business overhead expenses you have during long periods of disability caused by your injury or sickness. Free tax returns Car and other vehicle insurance that covers vehicles used in your business for liability, damages, and other losses. Free tax returns If you operate a vehicle partly for personal use, deduct only the part of the insurance premium that applies to the business use of the vehicle. Free tax returns If you use the standard mileage rate to figure your car expenses, you cannot deduct any car insurance premiums. Free tax returns Life insurance covering your officers and employees if you are not directly or indirectly a beneficiary under the contract. Free tax returns Business interruption insurance that pays for lost profits if your business is shut down due to a fire or other cause. Free tax returns Self-Employed Health Insurance Deduction You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for yourself, your spouse, and your dependents. Free tax returns The insurance can also cover your child who was under age 27 at the end of 2013, even if the child was not your dependent. Free tax returns A child includes your son, daughter, stepchild, adopted child, or foster child. Free tax returns A foster child is any child placed with you by an authorized placement agency or by judgment, decree, or other order of any court of competent jurisdiction. Free tax returns One of the following statements must be true. Free tax returns You were self-employed and had a net profit for the year reported on Schedule C (Form 1040), Profit or Loss From Business; Schedule C-EZ (Form 1040), Net Profit From Business; or Schedule F (Form 1040), Profit or Loss From Farming. Free tax returns You were a partner with net earnings from self-employment for the year reported on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. Free tax returns , box 14, code A. Free tax returns You used one of the optional methods to figure your net earnings from self-employment on Schedule SE. Free tax returns You received wages in 2013 from an S corporation in which you were a more-than-2% shareholder. Free tax returns Health insurance premiums paid or reimbursed by the S corporation are shown as wages on Form W-2, Wage and Tax Statement. Free tax returns The insurance plan must be established, or considered to be established as discussed in the following bullets, under your business. Free tax returns For self-employed individuals filing a Schedule C, C-EZ, or F, a policy can be either in the name of the business or in the name of the individual. Free tax returns For partners, a policy can be either in the name of the partnership or in the name of the partner. Free tax returns You can either pay the premiums yourself or your partnership can pay them and report the premium amounts on Schedule K-1 (Form 1065) as guaranteed payments to be included in your gross income. Free tax returns However, if the policy is in your name and you pay the premiums yourself, the partnership must reimburse you and report the premium amounts on Schedule K-1 (Form 1065) as guaranteed payments to be included in your gross income. Free tax returns Otherwise, the insurance plan will not be considered to be established under your business. Free tax returns For more-than-2% shareholders, a policy can be either in the name of the S corporation or in the name of the shareholder. Free tax returns You can either pay the premiums yourself or your S corporation can pay them and report the premium amounts on Form W-2 as wages to be included in your gross income. Free tax returns However, if the policy is in your name and you pay the premiums yourself, the S corporation must reimburse you and report the premium amounts on Form W-2 as wages to be included in your gross income. Free tax returns Otherwise, the insurance plan will not be considered to be established under your business. Free tax returns Medicare premiums you voluntarily pay to obtain insurance in your name that is similar to qualifying private health insurance can be used to figure the deduction. Free tax returns If you previously filed returns without using Medicare premiums to figure the deduction, you can file timely amended returns to refigure the deduction. Free tax returns For more information, see Form 1040X, Amended U. Free tax returns S. Free tax returns Individual Income Tax Return. Free tax returns Amounts paid for health insurance coverage from retirement plan distributions that were nontaxable because you are a retired public safety officer cannot be used to figure the deduction. Free tax returns Take the deduction on Form 1040, line 29. Free tax returns Qualified long-term care insurance. Free tax returns   You can include premiums paid on a qualified long-term care insurance contract when figuring your deduction. Free tax returns But, for each person covered, you can include only the smaller of the following amounts. Free tax returns The amount paid for that person. Free tax returns The amount shown below. Free tax returns Use the person's age at the end of the tax year. Free tax returns Age 40 or younger–$360 Age 41 to 50–$680 Age 51 to 60–$1,360 Age 61 to 70–$3,640 Age 71 or older–$4,550 Qualified long-term care insurance contract. Free tax returns   A qualified long-term care insurance contract is an insurance contract that only provides coverage of qualified long-term care services. Free tax returns The contract must meet all the following requirements. Free tax returns It must be guaranteed renewable. Free tax returns It must provide that refunds, other than refunds on the death of the insured or complete surrender or cancellation of the contract, and dividends under the contract may be used only to reduce future premiums or increase future benefits. Free tax returns It must not provide for a cash surrender value or other money that can be paid, assigned, pledged, or borrowed. Free tax returns It generally must not pay or reimburse expenses incurred for services or items that would be reimbursed under Medicare, except where Medicare is a secondary payer or the contract makes per diem or other periodic payments without regard to expenses. Free tax returns Qualified long-term care services. Free tax returns   Qualified long-term care services are: Necessary diagnostic, preventive, therapeutic, curing, treating, mitigating, and rehabilitative services, and Maintenance or personal care services. Free tax returns The services must be required by a chronically ill individual and prescribed by a licensed health care practitioner. Free tax returns Worksheet 6-A. Free tax returns Self-Employed Health Insurance Deduction Worksheet Note. Free tax returns Use a separate worksheet for each trade or business under which an insurance plan is established. Free tax returns 1. Free tax returns Enter the total amount paid in 2013 for health insurance coverage established under your business for 2013 for you, your spouse, and your dependents. Free tax returns Your insurance can also cover your child who was under age 27 at the end of 2013, even if the child was not your dependent. Free tax returns But do not include the following. Free tax returns   Amounts for any month you were eligible to participate in a health plan subsidized by your or your spouse's employer or the employer of either your dependent or your child who was under the age of 27 at the end of 2013. Free tax returns Any amounts paid from retirement plan distributions that were nontaxable because you are a retired public safety officer. Free tax returns Any amounts you included on Form 8885, line 4. Free tax returns Any qualified health insurance premiums you paid to “U. Free tax returns S. Free tax returns Treasury-HCTC. Free tax returns ” Any health coverage tax credit advance payments shown in box 1 of Form 1099-H. Free tax returns Any payments for qualified long-term care insurance (see line 2) 1. Free tax returns   2. Free tax returns For coverage under a qualified long-term care insurance contract, enter for each person covered the smaller of the following amounts. Free tax returns       a) Total payments made for that person during the year. Free tax returns       b) The amount shown below. Free tax returns Use the person's age at the end of the tax year. Free tax returns         $360— if that person is age 40 or younger          $680— if age 41 to 50         $1,360— if age 51 to 60         $3,640— if age 61 to 70         $4,550— if age 71 or older         Do not include payments for any month you were eligible to participate in a long-term care insurance plan subsidized by your or your spouse’s employer or the employer of either your dependent or your child who was under the age of 27 at the end of 2013. Free tax returns If more than one person is covered, figure separately the amount to enter for each person. Free tax returns Then enter the total of those amounts 2. Free tax returns   3. Free tax returns Add lines 1 and 2 3. Free tax returns   4. Free tax returns Enter your net profit* and any other earned income** from the trade or business under which the insurance plan is established. Free tax returns Do not include Conservation Reserve Program payments exempt from self-employment tax. Free tax returns If the business is an S corporation, skip to line 11 4. Free tax returns   5. Free tax returns Enter the total of all net profits* from: Schedule C (Form 1040), line 31; Schedule C-EZ (Form 1040), line 3; Schedule F (Form 1040), line 34; or Schedule K-1 (Form 1065), box 14, code A; plus any other income allocable to the profitable businesses. Free tax returns Do not include Conservation Reserve Program payments exempt from self-employment tax. Free tax returns See the Instructions for Schedule SE (Form 1040). Free tax returns Do not include any net losses shown on these schedules. Free tax returns 5. Free tax returns   6. Free tax returns Divide line 4 by line 5 6. Free tax returns   7. Free tax returns Multiply Form 1040, line 27, by the percentage on line 6 7. Free tax returns   8. Free tax returns Subtract line 7 from line 4 8. Free tax returns   9. Free tax returns Enter the amount, if any, from Form 1040, line 28, attributable to the same trade or business in which the insurance plan is established 9. Free tax returns   10. Free tax returns Subtract line 9 from line 8 10. Free tax returns   11. Free tax returns Enter your Medicare wages (Form W-2, box 5) from an S corporation in which you are a more-than-2% shareholder and in which the insurance plan is established 11. Free tax returns   12. Free tax returns Enter any amount from Form 2555, line 45, attributable to the amount entered on line 4 or 11 above, or any amount from Form 2555-EZ, line 18, attributable to the amount entered on line 11 above 12. Free tax returns   13. Free tax returns Subtract line 12 from line 10 or 11, whichever applies 13. Free tax returns   14. Free tax returns Enter the smaller of line 3 or line 13 here and on Form 1040, line 29. Free tax returns Do not include this amount when figuring any medical expense deduction on Schedule A (Form 1040). Free tax returns 14. Free tax returns   * If you used either optional method to figure your net earnings from self-employment from any business, do not enter your net profit from the business. Free tax returns Instead, enter the amount attributable to that business from Schedule SE (Form 1040), Section B, line 4b. Free tax returns * *Earned income includes net earnings and gains from the sale, transfer, or licensing of property you created. Free tax returns However, it does not include capital gain income. Free tax returns Chronically ill individual. Free tax returns   A chronically ill individual is a person who has been certified as one of the following. Free tax returns An individual who has been unable, due to loss of functional capacity for at least 90 days, to perform at least two activities of daily living without substantial assistance from another individual. Free tax returns Activities of daily living are eating, toileting, transferring (general mobility), bathing, dressing, and continence. Free tax returns An individual who requires substantial supervision to be protected from threats to health and safety due to severe cognitive impairment. Free tax returns The certification must have been made by a licensed health care practitioner within the previous 12 months. Free tax returns Benefits received. Free tax returns   For information on excluding benefits you receive from a long-term care contract from gross income, see Publication 525. Free tax returns Other coverage. Free tax returns   You cannot take the deduction for any month you were eligible to participate in any employer (including your spouse's) subsidized health plan at any time during that month, even if you did not actually participate. Free tax returns In addition, if you were eligible for any month or part of a month to participate in any subsidized health plan maintained by the employer of either your dependent or your child who was under age 27 at the end of 2013, do not use amounts paid for coverage for that month to figure the deduction. Free tax returns   These rules are applied separately to plans that provide long-term care insurance and plans that do not provide long-term care insurance. Free tax returns However, any medical insurance payments not deductible on Form 1040, line 29, can be included as medical expenses on Schedule A (Form 1040), Itemized Deductions, if you itemize deductions. Free tax returns Effect on itemized deductions. Free tax returns   Subtract the health insurance deduction from your medical insurance when figuring medical expenses on Schedule A (Form 1040) if you itemize deductions. Free tax returns Effect on self-employment tax. Free tax returns   For tax years beginning before or after 2010, you cannot subtract the self-employed health insurance deduction when figuring net earnings for your self-employment tax from the business under which the insurance plan is established, or considered to be established as discussed earlier. Free tax returns For more information, see Schedule SE (Form 1040). Free tax returns How to figure the deduction. Free tax returns   Generally, you can use the worksheet in the Form 1040 instructions to figure your deduction. Free tax returns However, if any of the following apply, you must use Worksheet 6-A in this chapter. Free tax returns You had more than one source of income subject to self-employment tax. Free tax returns You file Form 2555, Foreign Earned Income, or Form 2555-EZ, Foreign Earned Income Exclusion. Free tax returns You are using amounts paid for qualified long-term care insurance to figure the deduction. Free tax returns If you are claiming the health coverage tax credit, complete Form 8885, Health Coverage Tax Credit, before you figure this deduction. Free tax returns Health coverage tax credit. Free tax returns   You may be able to take this credit only if you were an eligible trade adjustment assistance (TAA) recipient, alternative TAA (ATAA) recipient, reemployment trade adjustment assistance (RTAA) recipient, or Pension Benefit Guaranty Corporation (PBGC) pension recipient. Free tax returns Use Form 8885 to figure the amount, if any, of this credit. Free tax returns   When figuring the amount to enter on line 1 of Worksheet 6-A, do not include the following. Free tax returns Any amounts you included on Form 8885, line 4. Free tax returns Any qualified health insurance premiums you paid to “U. Free tax returns S. Free tax returns Treasury-HCTC. Free tax returns ” Any health coverage tax credit advance payments shown in box 1 of Form 1099-H, Health Coverage Tax Credit (HCTC) Advance Payments. Free tax returns More than one health plan and business. Free tax returns   If you have more than one health plan during the year and each plan is established under a different business, you must use separate worksheets (Worksheet 6-A) to figure each plan's net earnings limit. Free tax returns Include the premium you paid under each plan on line 1 or line 2 of that separate worksheet and your net profit (or wages) from that business on line 4 (or line 11). Free tax returns For a plan that provides long-term care insurance, the total of the amounts entered for each person on line 2 of all worksheets cannot be more than the appropriate limit shown on line 2 for that person. Free tax returns Nondeductible Premiums You cannot deduct premiums on the following kinds of insurance. Free tax returns Self-insurance reserve funds. Free tax returns You cannot deduct amounts credited to a reserve set up for self-insurance. Free tax returns This applies even if you cannot get business insurance coverage for certain business risks. Free tax returns However, your actual losses may be deductible. Free tax returns See Publication 547. Free tax returns Loss of earnings. Free tax returns You cannot deduct premiums for a policy that pays for lost earnings due to sickness or disability. Free tax returns However, see the discussion on overhead insurance, item (8), under Deductible Premiums , earlier. Free tax returns Certain life insurance and annuities. Free tax returns For contracts issued before June 9, 1997, you cannot deduct the premiums on a life insurance policy covering you, an employee, or any person with a financial interest in your business if you are directly or indirectly a beneficiary of the policy. Free tax returns You are included among possible beneficiaries of the policy if the policy owner is obligated to repay a loan from you using the proceeds of the policy. Free tax returns A person has a financial interest in your business if the person is an owner or part owner of the business or has lent money to the business. Free tax returns For contracts issued after June 8, 1997, you generally cannot deduct the premiums on any life insurance policy, endowment contract, or annuity contract if you are directly or indirectly a beneficiary. Free tax returns The disallowance applies without regard to whom the policy covers. Free tax returns Partners. Free tax returns If, as a partner in a partnership, you take out an insurance policy on your own life and name your partners as beneficiaries to induce them to retain their investments in the partnership, you are considered a beneficiary. Free tax returns You cannot deduct the insurance premiums. Free tax returns Insurance to secure a loan. Free tax returns If you take out a policy on your life or on the life of another person with a financial interest in your business to get or protect a business loan, you cannot deduct the premiums as a business expense. Free tax returns Nor can you deduct the premiums as interest on business loans or as an expense of financing loans. Free tax returns In the event of death, the proceeds of the policy are generally not taxed as income even if they are used to liquidate the debt. Free tax returns Capitalized Premiums Under the uniform capitalization rules, you must capitalize the direct costs and part of the indirect costs for certain production or resale activities. Free tax returns Include these costs in the basis of property you produce or acquire for resale, rather than claiming them as a current deduction. Free tax returns You recover the costs through depreciation, amortization, or cost of goods sold when you use, sell, or otherwise dispose of the property. Free tax returns Indirect costs include premiums for insurance on your plant or facility, machinery, equipment, materials, property produced, or property acquired for resale. Free tax returns Uniform capitalization rules. Free tax returns   You may be subject to the uniform capitalization rules if you do any of the following, unless the property is produced for your use other than in a business or an activity carried on for profit. Free tax returns Produce real property or tangible personal property. Free tax returns For this purpose, tangible personal property includes a film, sound recording, video tape, book, or similar property. Free tax returns Acquire property for resale. Free tax returns However, these rules do not apply to the following property. Free tax returns Personal property you acquire for resale if your average annual gross receipts are $10 million or less for the 3 prior tax years. Free tax returns Property you produce if you meet either of the following conditions. Free tax returns Your indirect costs of producing the property are $200,000 or less. Free tax returns You use the cash method of accounting and do not account for inventories. Free tax returns More information. Free tax returns   For more information on these rules, see Uniform Capitalization Rules in Publication 538 and the regulations under Internal Revenue Code section 263A. Free tax returns When To Deduct Premiums You can usually deduct insurance premiums in the tax year to which they apply. Free tax returns Cash method. Free tax returns   If you use the cash method of accounting, you generally deduct insurance premiums in the tax year you actually paid them, even if you incurred them in an earlier year. Free tax returns However, see Prepayment , later. Free tax returns Accrual method. Free tax returns   If you use an accrual method of accounting, you cannot deduct insurance premiums before the tax year in which you incur a liability for them. Free tax returns In addition, you cannot deduct insurance premiums before the tax year in which you actually pay them (unless the exception for recurring items applies). Free tax returns For more information about the accrual method of accounting, see chapter 1. Free tax returns For information about the exception for recurring items, see Publication 538. Free tax returns Prepayment. Free tax returns   You cannot deduct expenses in advance, even if you pay them in advance. Free tax returns This rule applies to any expense paid far enough in advance to, in effect, create an asset with a useful life extending substantially beyond the end of the current tax year. Free tax returns   Expenses such as insurance are generally allocable to a period of time. Free tax returns You can deduct insurance expenses for the year to which they are allocable. Free tax returns Example. Free tax returns In 2013, you signed a 3-year insurance contract. Free tax returns Even though you paid the premiums for 2013, 2014, and 2015 when you signed the contract, you can only deduct the premium for 2013 on your 2013 tax return. Free tax returns You can deduct in 2014 and 2015 the premium allocable to those years. Free tax returns Dividends received. Free tax returns   If you receive dividends from business insurance and you deducted the premiums in prior years, at least part of the dividends generally are income. Free tax returns For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1 under How Much Can I Deduct. Free tax returns Prev  Up  Next   Home   More Online Publications