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When I try to make a self-employed health insurance deduction, it doesn't change my business income. My other expenses are reducing the income, but not health insurance.
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When I try to make a self-employed health insurance deduction, it doesn't change my business income. My other expenses are reducing the income, but not health insurance.
That is correct. The deduction for health insurance premiums for a self-employed individual are shown on Line 29 of Form 1040 and do not impact your business income. As pointed out in the previous answer, the free edition of turbotax will not handle the deduction for self-employed health insurance premiums.
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When I try to make a self-employed health insurance deduction, it doesn't change my business income. My other expenses are reducing the income, but not health insurance.
That is correct. The deduction for health insurance premiums for a self-employed individual are shown on Line 29 of Form 1040 and do not impact your business income. As pointed out in the previous answer, the free edition of turbotax will not handle the deduction for self-employed health insurance premiums.
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When I try to make a self-employed health insurance deduction, it doesn't change my business income. My other expenses are reducing the income, but not health insurance.
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When I try to make a self-employed health insurance deduction, it doesn't change my business income. My other expenses are reducing the income, but not health insurance.
Remember that the amount of medical deduction you can receive is based on the amount in excess of 10% of your income if under the age of 65 and 7.5% if over that age. Example; If your adjusted gross income is $40,000 and your medical bills and health insurance payments total $3,500 you will not get any credit because this is less than 10% of $40,000. But lest say your medical bills and health insurance payment came up to $5,400, you will receive a deduction of $1,400 as this is the amount over $4,000 (10% of your adjusted gross income).
However, if you are self employed, you may want to use the self employed version of TurboTax which will allow you to claim that as an expense, which would reduce your taxable income.
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When I try to make a self-employed health insurance deduction, it doesn't change my business income. My other expenses are reducing the income, but not health insurance.
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When I try to make a self-employed health insurance deduction, it doesn't change my business income. My other expenses are reducing the income, but not health insurance.
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When I try to make a self-employed health insurance deduction, it doesn't change my business income. My other expenses are reducing the income, but not health insurance.
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When I try to make a self-employed health insurance deduction, it doesn't change my business income. My other expenses are reducing the income, but not health insurance.
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