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Level 2
posted May 31, 2019 7:23:59 PM

Can I claim both a business deduction and a personal deduction for health insurance premiums when I am self-employed?

I was self-employed in 2016.  My profit from the business was $4,000.  The costs for health insurance premiums for me and my spouse were $7,000.  Can I claim $4,000 as a self-employed business deduction AND can I claim the remainder $3,000 as a personal deduction by itemizing deductions?

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Level 15
May 31, 2019 7:24:01 PM

Well yes but ... you must enter the entire premium amount in the Business tab (unless you had marketplace insurance aka Obamacare) ... then what is not used for the SE health insurance deduction on the form 1040 line 29 is carried to the Sch A automatically.   Do not enter the amount in more than one place and do NOT do the  pro ration yourself as you cannot pick & choose what to use where. 

2 Replies
Level 15
May 31, 2019 7:24:01 PM

Well yes but ... you must enter the entire premium amount in the Business tab (unless you had marketplace insurance aka Obamacare) ... then what is not used for the SE health insurance deduction on the form 1040 line 29 is carried to the Sch A automatically.   Do not enter the amount in more than one place and do NOT do the  pro ration yourself as you cannot pick & choose what to use where. 

Level 15
May 31, 2019 7:24:04 PM

No.

Your self employed health insurance deduction must go on line 29 of form 1040 (or alternatively schedule A). But it cannot go on schedule C.