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This health insurance write-off is entered on page 1 of Form 1040, which means you benefit whether or not you itemize your deductions.Unlike an itemized deduction, this deduction treatment is beneficial because it lowers your adjusted gross income (AGI).Having lower AGI can reduce the odds that you’ll be affected by unfavorable phase-out rules that can cut back or eliminate various tax breaks.Eligibility is determined month-by-monthEarned income limitationPartners and LLC membersIf you fit into this category and directly pay your own health insurance premiums, you can claim the page 1 deduction.If the partnership or LLC pays the premiums, special tax reporting rules apply to the partnership’s or LLC’s return, but you can still claim the deduction for premiums paid for your coverage.Premiums paid to cover your employeesLimited deductions for long-term care insurance premiums

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Source:: AOL.com

      

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