Yes, you are allowed the full deduction, minus the additional premium tax credit (considered as if it were a refund of premium). However, it depends on the Georgia form how they calculate it. In my state there is a similar credit, and for self-employed individuals, they add-back the self-employment healthcare premiums deduction and then re-deduct the full amount of the healthcare premiums paid. This is because you can only claim on the Federal Return a deduction for the amount of self-employment income you have. So, in my state, this add-back and re-deduct allows for the entire deduction to be claimed no matter what. I have to believe Georgia does something similar; the point is that the idea behind the provision is to give the person paying out-of-pocket the same benefit as the employee who gets a pre-tax deduction on their paycheck and sees the tax savings then.
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