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  • chrisCD
    replied

    jfoxcpacfp wrote:
    I’m not sure what you’re asking about the 457 income. Are you asking if it would be reduced like SS income would be reduced? If so, there is no relationship. You have control over a retirement account to do with as you please.
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    As to the 457, that is what I was asking.

     

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  • jfoxcpacfp
    replied




    jfox, Yes,   I feel great about it. !!!! Who Hoo !!
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    Was there a touch of sarcasm in your erudite response?  :P

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  • jfoxcpacfp
    replied




    So you could be self-employed and earn income and then write of the premiums, correct?  Would the 457 income be affected at all be only being semi-retired?

    cd :O)
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    You must be profitable but, yes, you can write off SEHI on page 1 ("above the line") of your 1040, line 29. You cannot deduct more in premiums than your earned income.

    I'm not sure what you're asking about the 457 income. Are you asking if it would be reduced like SS income would be reduced? If so, there is no relationship. You have control over a retirement account to do with as you please.

    Leave a comment:


  • chrisCD
    replied
    So you could be self-employed and earn income and then write of the premiums, correct?  Would the 457 income be affected at all be only being semi-retired?

    cd :O)

    Leave a comment:


  • jz
    replied
    jfox, Yes,   I feel great about it. !!!! Who Hoo !!

    Leave a comment:


  • jfoxcpacfp
    replied
    So that's what you were asking! Nope, it won't pass as IC income. otoh, if it did, then you would be paying FICA taxes on it. Doesn't that make you feel better?

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  • jz
    replied
    jfox,   I think what you are (disappointingly ) telling me is that "457 deferred income" can not pass as  "IC income".

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  • jfoxcpacfp
    replied
    There are a couple of ways for an individual to deduct health insurance premiums:

    1. As SEHI (Self Employed Health Insurance) if you have IC income or

    2. As an itemized deduction but

      • only if you itemize, and

      • only for the amount of gross medical expenses that exceeds 10% of your AGI




    The deduction will be against either your Gross Income (as SEHI) or against your AGI (if as an itemized deduction), not directly against your 457 deferred income. Does that answer your question or am I still missing something :-)?

    Leave a comment:


  • jz
    replied
    jfox,

    from age 60-65 I will likely pay health insurance premiums through a combo of 1) husband's State of IL. benefits,  2) COBRA from my current  hospital  employer, 3) open market ACA premiums.

    Will these premiums be deductible against my 457 deferred income ?

    Leave a comment:


  • jfoxcpacfp
    replied




    I will soon  be retired and withdrawing my 457 money.   Can I deduct my future health insurance premiums from this deferred income?
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    The meaning of your question escapes me. What future health insurance premiums are you asking about? Does your employer continue to provide insurance coverage after you retire? Or are you asking about tax deductibility? Or something else...?

    Leave a comment:


  • jz
    started a topic Health insurance deductibility .

    Health insurance deductibility .

    I will soon  be retired and withdrawing my 457 money.   Can I deduct my future health insurance premiums from this deferred income?
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