When you're self-employed you may be able to deduct medical, dental, or long-term care insurance premiums that you paid for yourself, your spouse, and your dependents.
We'll check to see if you qualify for one or both of the following deductions after you enter your premiums in the self-employed business expense section or the Affordable Care Act section if you received a Form 1095-A.
Self-employed health insurance deduction
- This deduction is carried over from line 29 of Schedule 1 to line 7 of Form 1040.
- The deduction is generally limited to your net profit from your self-employment (or your self-employed earnings as a partner or your paid wages as a shareholder in an S corporation).
- You can't include premiums for any month you were also eligible to participate in any subsidized health plan maintained by any employer of you, your spouse, your dependent, or your child who was under age 27 at the end of the tax year.
- Your child (under age 27 at the end of the tax year) can be included even if they aren't your dependent.
Medical and Dental Expenses on Schedule A, Itemized Deductions
- Premium amount is reduced by any self-employed health insurance deduction you claimed.
- You can't deduct insurance premiums paid with pretax or tax-free dollars.
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