I am employed full-time and work 40-hours a week but my employer does not provide insurance (they are a C-Corp if that matters). I also so side work consulting and receive a 1099-NEC but I only work my side job maybe 10 days a year. Can I deduct heath insurance premiums paid based on the 1099-NEC job?
According to the 'pop-up explanations' on TurboTax,
a) "If you are self-employed and pay health insurance premiums, you may be able to deduct up to 100% of the cost of these premiums. You will need to enter your health insurance premiums under Home & Business in Business Income and Expenses. The adjustment is only allowed up to the amount of your self-employed income minus the deduction for self-employment tax. Any remaining self-employment health insurance premiums not allowed as an adjustment will automatically be transferred to Schedule A and will be subject to limitations."
and,
b) "You can deduct up to 100% of insurance premiums paid for medical, dental and vision insurance for you, your spouse and your dependents if you are self-employed and have a net profit from the business for which you created the plan."
Thanks!
