TomD8
Level 15

Get your taxes done using TurboTax

@Kimberly Boulden 

 

Be sure you are eligible to take the self-employed health insurance deduction, so that your return doesn't raise red flags with the IRS.

 

From IRS Publication 535, Page 21:

 

In order to take the self-employed health insurance deduction:

 

One of the following statements must be true.
• You were self-employed and had a net profit for the year reported on Schedule C (Form 1040) or Schedule F (Form 1040).
• You were a partner with net earnings from self-employment for the year reported on Schedule K-1 (Form 1065), box 14, code A.
• You used one of the optional methods to figure your net earnings from self-employment on Schedule SE.
• You received wages in 2020 from an S corporation in which you were a more-than-2% shareholder. Health insurance premiums paid or reimbursed by the S corporation are shown as wages on Form W-2.

 

https://www.irs.gov/pub/irs-pdf/p535.pdf

 

 

 

**Answers are correct to the best of my ability but do not constitute tax or legal advice.