CPA & TurboTax Expert [PII removed] once said, "If you’re self-employed, you can usually claim a tax deduction for the health insurance paid for yourself, your spouse, and your dependents. This means that the premium paid for medical, dental, or long-term care insurance can reduce your taxable income, dollar for dollar. If you’re self-employed and responsible for your own health insurance coverage, you might be able to deduct 100% of your premium cost. That gets taken off your adjusted gross income rather than as an itemized deduction."
1. So, how should you enter it in my TurboTax Home & Business software? What documentation do you need to claim it?
2. Is there a way to claim medical expenses without itemizing (Schedule A)?
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Yes you can deduct health ins premiums (not expenses) again your income. But it doesn't go directly on Schedule C.
Where to enter Self Employed Health Ins in the Home & Business program.
Where do I enter my health insurance premiums in TurboTax Home & Business if I'm self-employed?
If your health ins exceeds your net self-employment income it gets split. An amount equal to your net self-employment income goes on Form 1040 Schedule 1 line 17 (to 1040 line 10) and the remainder gets added in to medical expenses on Schedule A.
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