Can i deduct my medical insurance payment. I am a consultant self employed but also own a business that I get a pay check from but do not offer health insurance?

bobp0916 — Thu, 06 Jun 2019 10:36:50 GMT

Yes, those are 100% deductible. However, in order to ente...

PeterM — Thu, 06 Jun 2019 10:36:52 GMT

Yes, those are 100% deductible. However, in order to enter your businesses income and expenses, you'll have to upgrade from the Turbo Tax Free Edition to the Turbo Tax Self-Employed (Home & Business) version.

Once you've upgraded, to include your premium payments in Turbo Tax, follow these steps:

Log into your tax return (make sure you're in the tax return not just your account).
Use the search box in the upper right hand corner and type in "health insurance, self-employed".
Click the "Jump to health insurance, self-employed" link that pops up.
You will have to answer several questions regarding your business (this will be several screens). These questions will help Turbo Tax set-up a Business Profile for you.
Once you've answered these questions, Turbo Tax will begin to ask you about your income.
Once you've entered your income, Turbo Tax will begin to ask you about your expenses.
Click on the Health Insurance Premiums button then click the Continue button.
This is where you'll enter the actual premiums you paid in 2016 then click the Continue button.

topic Can i deduct my medical insurance payment. I am a consultant self employed but also own a business that I get a pay check from but do not offer health insurance? in Deductions & credits

Can i deduct my medical insurance payment. I am a consultant self employed but also own a business that I get a pay check from but do not offer health insurance?

Yes, those are 100% deductible. However, in order to ente...