In the publications I've read, it said for sole shareholders of an s-corporation NOT to deduct health insurance premiums pre-tax from their payroll checks. However, I am working on our 2006 taxes and don't see where we will claim this medical insurance expense. Am I just missing something obvious? Where do I report this ... and I'm pretty sure it's not combine with "medical expense" because we don't have to reach the 7.25% of AGI threshhold.
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This gets deducted on Form 1040, line 29 (self-employed health insurance deduction). It is subtracted from gross income to arrive at your AGI. it is NOT included with medical expense as an itemized deduction on Schedule A. here is a link to Form 1040 and its instructions. http://search.irs.gov/web/query.html?col…
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