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Jessie Said:

Where do I deduct Health Insurance Premiums for a Sole Shareholder?

We Answered:

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…

Joanne Said:

Does anyone know where I can go to find health insurance with reasonable premiums.?

We Answered:

some cheap ones available online

Gertrude Said:

Do members of the House and Senate pay no premiums for their Cadillac health insurance? Shouldn't they pay?

We Answered:

...Congress has exempted itself from all those costs and fee's that (We The People) are required to pay ! A U.S. Congress-Person can retire with FULL salary and benefits after only 'one' term in office ! ...what a Country !

Georgia Said:

We are itemizing our medical expenses for 2007, can we prepay our health insurance premiums for 2008?

We Answered:

The information in IRS Pub 502 Medical and Dental Expenses disagrees with the previous answers given:
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Future Medical Care
Generally, you cannot include in medical expenses current payments for medical care (including medical insurance) to be provided substantially beyond the end of the year. This rule does not apply in situations where the future care is purchased in connection with obtaining lifetime care or long-term care of the type described at Lifetime Care—Advance Payments or Long-Term Care, earlier under What Medical Expenses Are Includible.
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The above would indicate that you cannot prepay for an entire year and deduct it the previous year.

This rule is consistent with the rule that businesses, even with accrual accounting, cannot deduct prepaid insurance of any kind.

Matthew Said:

Should health insurance premiums be discounted for those who prove a healthy BMI?

We Answered:

they do...thats why every health/life insurance application asks your height and weight.

personally i think BMI is not reliable. if you were to just go by the numbers then a 5'11" bodybuilder could have a higher BMI than a 4'11" obese person.