Independent contractor

[jillievv]

I am a veterinarian and I do relief work one day a week as an independent contractor.  I received a 1099 NEC.

I noticed when entering my deductions on turbo tax they asked about insurance premiums.

I receive insurance benefits through my full time employment but I pay a portion of that.  Can I deduct the portion I pay on my business deductions for the independent contractor work?

[JulieS]

It depends on what type of insurance it is. If it is a professional liability policy that covers both your W-2 work and your 1099-NEC work, yes, you can deduct the portion you pay as a business deduction.

If it is a health insurance policy, you can deduct the part you pay as a personal medical deduction, but not as a business deduction.

If it a different kind of insurance, please respond back with details about the type of policy that you have. 

[Opus 17]

You have to allocate the expense proportionally.  For example, if 1/5 of your weekly work is reported on the 1099, but the insurance policy applies to all your work, you can deduct 1/5 the premium.  

Alternatively, if the clinic premium only covered your clinic work and not your freelance work, and you had to pay for extra coverage for your freelance work, you could deduct the entire cost that applies to the freelance work.