71395
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

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

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. 

View solution in original post

2 Replies

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

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. 

Hal_Al
Level 15

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

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.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question