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Naomi Said:

Individual income tax question?

We Answered:

1) The only exclusions are tax exempt interest, qualified dividends(Depending on the dividend paid), IRA contributions that are not taxable, pensions that where rolled into a qualifying plan and not taxable and social security benefits if other income is less than 10,000. Everything else must be claimed, even what I mentioned must be put on the return but its not taxable. Even some embassy workers must claim their income.(This depends on the tax treaty between the USA and the other country) I know people who work for the world bank/IMF are tax exempt on all income but almost everyone else must claim everything. You could also get into expatriate taxes which is sort of what I mentioned above and than it can get complicated depending on their Visa status.
2)Some expenses are only deductible to a certain percent of your AGI like medical and some secondary expenses. (This question is vary vague) I am assuming you are referring to self employed losses and expenses. In this case you can put expenses that you incurred and their is really no limit to the loss you can claim as long as your expenses can account for it. This would be put on schedule C.
a)You claim the health insurance deduction as an "above the line" tax deduction on Form 1040. It's line 29 on the 2009 form. You will need to use the worksheet provided in the Instructions for Form 1040 (it's on page 28 of the 2010 version of the pdf document).
Any health insurance premiums that you cannot deduct directly on Form 1040, you may be able to deduct as a medical expense on Schedule A.( THis answer taken from http://taxes.about.com/od/deductionscred…
b)1/2 of what your self employment tax is
c)You get $3000 loss to claim each year anything more than that must be carried over into the next year

Tammy Said:

are medicare premiums deductible?

We Answered:

check this out http://www.irs.gov/pub/irs-pdf/p502.pdf