Question 10 of 75 Terrell, a self-emploved architect, paid for his health insura

Question

Question 10 of 75 Terrell, a self-emploved architect, paid for his health insurance out of his own pocket. He was not eligible to be covered under any other insurance plan until November 1, when he became eligible under his spouse's employer-sponsored plan. His total premiums paid for the year were $4,600. How much can Terreli deduct as an adjustment to income on his tas return? o $767 O $2,300 o $3.833 $4,600 Mark for follow up Question 11 of 75. A business may elect to deduct a limited amount of start-up costs in the year the business begins. What is the maximum amount in the current tax year? O $10,000 o $5,000 o $3,000 O $1,000

Explanation / Answer

$5,000

As per tax law $5,000 can be deducted as this is the first year of start up.

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