self employed health insurance deduction

Forum|Forum|7 years ago
September 20, 2019
8 replies
53 views

I am self employed. My wife is a teacher. She has her health insurance paid for through the school. Myself and my daughters are eligible to sign up for insurance through the school's group, but we must pay the full amount of the premiums for us. Will we be able to deduct the premiums we pay to get the insurance through the school as a self employed health insurance deduction or do we have to purchase insurance outside of her work to be eligible for the self employed health insurance deduction?

Critter

Level 15

Restrictions on this Tax Credit

The health care premium deduction is only available against a profit; if your business had a loss, you cannot claim this deduction. Premiums for your family may also be deducted, based on the same restrictions as above.

It is only available to self-employed individuals, not corporate owners (who are not self-employed).

The deduction is also not available if you were eligible for health insurance for another employer (including your spouse's employer), even if you didn't participate in this insurance coverage.

azdochuffAuthor

Level 2

Thank you for the answer. I guess my question really is:

Since I would have to pay the premium myself and the school would not be paying, am I still considered "eligible for health insurance for another employer (including your spouse's employer), even if you didn't participate in this insurance coverage."?

Thanks

Kat11_2

Alumni - Champ

Original answer deleted. Please see @Critter's correct answer below.

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***