Question

Joaquin, a self-employed architect who reported a net profit on his Schedule C(form 1040), paid for his health insurance out of his own pocket. He was not eligible to be covered under any other insurance plan until October 1, when he became eligible for, but opted out of, his spouse's employer-sponsored plan. His total premiums paid for the year were $6,300. How much can Joaquin deduct as an adjustment to income on his tax return? a. $525 b. $1,575 c. $4,725 d. $6,300

Answer 1

The amount that Joaquin can deduct as an adjustment to his tax return is $5250.

How to solve for the deductible tax return

total premium paid =  $6,300

From january to october is a period of 10 years

total years in a year = 12

$6,300 / 12 = 525

525 x 10 = $5250

Therefore the total amount of tax  that Joaquaiun can dedeuct as an adjsutment is $5250

Read more on tax deductibles here: https://brainly.com/question/17395659