71395
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?
You'll need to sign in or create an account to connect with an expert.
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.
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.
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.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
georgiesboy
New Member
Vivieneab
New Member
amy
New Member
swick
Returning Member
shikhiss13
Level 1