MinhT1
Expert Alumni

Investors & landlords

As a self-employed person, you can deduct above the line (without using itemized deductions) all health insurance premiums paid out of pocket, including Medicare Part B and D.

 

In TurboTax Premium Online, you enter your health insurance premiums in the Business Expenses section of your business.

 

The deduction is limited to the amount of net income (profit) of your business.

 

Go to Business Expenses > Other Common Business Expenses > Health Insurance Premiums.

 

TurboTax will transfer the amount to Part II line 17 of Schedule 1 of form 1040 (self-employed health insurance deduction).

 

For a partnership, you can only claim the Self-employed health deduction if you're a general partner or considered a general partner. You can only claim it if your claim as a self-employed person is limited because of income. You can't claim the same insurance premiums twice.

 

Please read this TurboTax Help article for more information.

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