Yes. As a self-employed individual, even without a formal co. or partnership, you may be able to deduct your supplementary health insurance premiums as a self-employed health insurance deduction. Your premium deduction cannot be more than your profit, so it is limited to your profit and you cannot take this deduction if you were eligible to participate in a plan that is subsidized by your employer or your spouses (if married). You may also be able to deduct your Medicare B, D and Medigap Premiums as self-employed health insurance. If you entered them with a SSA-1099, do not enter them again as TurboTax will automatically transfer the premiums to your business if applicable.
Also, this is an above the line deduction which means it does not show up on your schedule C, instead it shows up on Schedule 1 of your form 1040.
You will enter your self-employed health insurance under business expenses in the same area where you enter liability insurance or most other expenses. To do so select the following:
- Open your business profile
- Select Profit or Loss from business
- Edit next to the business
- Start or Update next to Other Common Business Expenses
- Start next to Insurance Payments
Deducting Health Insurance Premiums If You're Self-Employed
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