Yes, your wife's health insurance premiums are deductible as a business expense.
Here's how to report that business expense:
- Open your return and click Federal Taxes>Wages & Income.
- Continue to How
do you want to enter your business income? and click I'll
choose what I work on.
- Select Update for Business Income
and Expenses
- Select Edit next to the
business
- Scroll down
to All Other Expenses and select Start or
Update
- Select Start or
Update for Self-Employed Health Insurance Premiums
As
a self-employed person, you're allowed to deduct premiums up to the
amount of your net business income; the premiums will appear on Line 29
of your Form 1040. Any payments that exceed your net business income will
flow over to Schedule A as a personal medical expense. We'll
automatically handle the line items and calculations for you.
