Can I write off short-term health insurance premiums?

Forum|Forum|7 years ago
June 4, 2019
3 replies
1 view

My husband changed jobs and his employer offered us COBRA insurance. The premiums were very high so we opted to purchase a 3-month short-term private health insurance policy to bridge the gap between his prior coverage and his new coverage with his new employer. I'll note that I am self-employed. Can we write off these premiums and if so, where do I correctly post them?

TurboTax Self Employed Online

Best answer by

You have two options for deducting the premiums. If your net self-employment income is enough to cover the premiums, deduct the premium as "self-employed health insurance" as one of the expenses for your business. If not, deduct the premium as a medical expense when you go through the interview for medical expenses under the Personal Tab.

Anonymous

Answer

back2apexAuthor

Level 2

Thank you Richard!

Zbucklyo

Level 8

The answer by Richard is misleading. You can't take the health insurance premium as a business deduction that lowers your net income from the business and lowers self-employment tax. It is a deduction that is reported on Line 29 of your Form 1040, and lowers taxable income.

back2apexAuthor

Level 2

Thank you. So where do I post it so that it will directly affect Line 29 on my 1040? Right now it is posted in Other Business Expenses.

Also, can I deduct private dental insurance premiums?

Anonymous

Please see the screenshot below for the correct location to enter your health insurance premiums. You get to this screen by clicking on "Other Common Business Expenses." The entry flows directly to your Form 1040, not your Schedule C.