- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Health insurance premium deductions as business expense
I am an employee and employer pays 75% of health insurance premium and I pay 25%. I am also an independent contractor with a separate job. May I use the health insurance premiums that I pay as a business expense?
Topics:
June 1, 2019
12:08 AM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Most premiums are paid with pre-tax dollars, which means they are deducted from your wages before taxes are applied. Deducting them again as a self-employment expense would be "double-dipping."
You can only deduct the premiums if your employer included them in Box 1 (Gross Wages) of your W-2. However, this is highly unusual and contrary to the standard practice.
For accuracy sake, it would be best to check with your employer.
June 1, 2019
12:08 AM