jena is a self-employed fitness trainer who had net earnings from self-employment of $53,500. she paid $525 per month for health insurance over the entire last year. jena is entitled to a for agi deduction for health insurance of:

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26-10-2022
Business

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jena is a self-employed fitness trainer who had net earnings from self-employment of $53,500. she paid $525 per month for health insurance over the entire last year. jena is entitled to a for agi deduction for health insurance of:

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Jena is a self-employed fitness trainer who had net earnings from self-employment of $53,500. she paid $525 per month for health insurance over the entire last year. jena is entitled to a for agi deduction for health insurance of = $6300

People who operate their own businesses or firm can obtain complete medical coverage through self-employment health insurance. It provides self-employed individuals with financial security against medical costs resulting from an illness or accident.

The costs of short-term health insurance are typically deductible as medical expenses. If you itemize your deductions and your total annual medical expenses exceed 7.5% of your AGI, you can deduct the short-term health insurance premiums that you paid out-of-pocket with pre-tax funds.

Total Insurance Premium Paid in the Previous Year: Monthly Payment x 12

Premium = ($525 x 12 = $6300).

Jena is therefore entitled to a $6300 AGI deduction for health insurance.

To know more about AGI deductions, refer to this link:

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