Self Employment Health Insurance Tax Deduction

Heath Insurance Deduction – Who Qualifies

1. Self-employed businesses who file Schedule C – Profit or Loss for Business – Sole Proprietorship or Schedule F – Profit or Loss for Farming.

2. Partners in a partnership or husband and wives who are active partners of an LLC who treat their pass through income as self employment income.

3. You were an employee and owned more than 2% stock in an S corp and received wages that included your heath insurance premiums.

4. You must not be eligible to participate in a subsidized plan at your spouses workplace.

Heath Insurance Deduction – Yearly Limit

1. You can usually deduct 100% of your self employed health insurance.
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2. Calculate your deductible amount by taking your self employment income ( net profit) and deduct half of your self employement income and retirement contribution to obtain your allowable heath insurance deduction.

3. If your Sch C self employment business had a net loss, then your self employment health insurance tax deduction would be zero deduction from total income, but would still be deductible as an itemized deduction as a medical expense on Schedule A.

Heath Insurance Deduction – Eligible Employees

1. Your self employment health insurance tax deduction would be the total health insurance premiums that the business paid for you, your spouse, and dependents.

Self Employment Heath Insurance Tax Deduction – Where to Deduct

1. Deduct your self employment health insurance premiums in the adjusted gross income section on Page 1 of the Form 1040, which is a deduction from gross income.

Self Employment Heath Insurance Tax Deduction – Tax Tip – If you own an S corporation or an LLC, review your Schedule K and deduct your health insurance premiums off the top of your income as an adjustment to income instead of on Schedule A medical expenses to save more money on your taxes.