Susan (see question 6 above) had a net profit of $95,000 for the tax year. She...

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Susan (see question 6 above) had a net profit of $95,000 for the tax year. She is married to George, and they have an eight-year-old son. George is a full-time employee with Why-me Company. George is eligible for an employer-subsidized health insurance plan covering himself only. The plan does not offer family insurance, which would cover Susan or their son. Susan has checked and has found health insurance with a monthly premium of $450 (for herself only), $600 (for herself and her child), and $700 (for the whole family). What would be her health insurance deduction? 7. a) $7,200 on Schedule C b) $ c) $5,400 d) $7,200 on line 29 of Schedule 1, Form 1040 Susan (see question 6 above) had a net profit of $95,000 for the tax year. She is married to George, and they have an eight-year-old son. George is a full-time employee with Why-me Company. George is eligible for an employer-subsidized health insurance plan covering himself only. The plan does not offer family insurance, which would cover Susan or their son. Susan has checked and has found health insurance with a monthly premium of $450 (for herself only), $600 (for herself and her child), and $700 (for the whole family). What would be her health insurance deduction? 7. a) $7,200 on Schedule C b) $ c) $5,400 d) $7,200 on line 29 of Schedule 1, Form 1040

Answer rating: 100% (QA)

Answer option d 7200 on line 29 of schedule IRS Form 1040 is the basic federal income tax form ... View the full answer