As a self-employed individual who paid health insurance premiums- You can deduct up to 100% of health insurance premiums for you, your spouse and your dependents if you are self-employed and have a net profit from the business for which you created the plan.
Do not include:
- long-term care premiums - those are entered in another section
- any amounts paid from retirement plan distributions that were nontaxable because you are a retired public safety officer
- Any amounts included on Form 8885, Health Coverage Tax Credit, line 4
- Any advance monthly payments shown on Form 1099-H, Advance Payments for the Health Coverage Tax Credit
- Any payments for months you received the benefits of advance payments for the Health Coverage Tax Credit (Form 8885)
Do not include health insurance purchased through a Health Insurance Marketplace (also known as an exchange). These premiums are entered on Form 1095-A in the program. Also, do not include any amounts from line 4 of the Health Coverage Tax Credit (Form 8885).
If you or your spouse could participate (even if you declined coverage) in an employer's health plan at any time during a given month, you cannot take the deduction for that month. However, payments for those months are deductible on Schedule A if you itemize deductions.
The deduction may be limited if the business has low net earnings. This means that you may not be able to deduct 100% of your premiums. Your entry should be reduced by any reimbursement received.
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