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bobp0916
New Member

Can i deduct my medical insurance payment. I am a consultant self employed but also own a business that I get a pay check from but do not offer health insurance?

 
1 Best answer

Accepted Solutions
PeterM
New Member

Can i deduct my medical insurance payment. I am a consultant self employed but also own a business that I get a pay check from but do not offer health insurance?

Yes, those are 100% deductible. However, in order to enter your businesses income and expenses, you'll have to upgrade from the Turbo Tax Free Edition to the Turbo Tax Self-Employed (Home & Business) version.

Once you've upgraded, to include your premium payments in Turbo Tax, follow these steps:

  • Log into your tax return (make sure you're in the tax return not just your account).
  • Use the search box in the upper right hand corner and type in "health insurance, self-employed".
  • Click the "Jump to health insurance, self-employed" link that pops up.
  • You will have to answer several questions regarding your business (this will be several screens). These questions will help Turbo Tax set-up a Business Profile for you.
  • Once you've answered these questions, Turbo Tax will begin to ask you about your income.
  • Once you've entered your income, Turbo Tax will begin to ask you about your expenses.
  • Click on the Health Insurance Premiums button then click the Continue button.
  • This is where you'll enter the actual premiums you paid in 2016 then click the Continue button.


View solution in original post

1 Reply
PeterM
New Member

Can i deduct my medical insurance payment. I am a consultant self employed but also own a business that I get a pay check from but do not offer health insurance?

Yes, those are 100% deductible. However, in order to enter your businesses income and expenses, you'll have to upgrade from the Turbo Tax Free Edition to the Turbo Tax Self-Employed (Home & Business) version.

Once you've upgraded, to include your premium payments in Turbo Tax, follow these steps:

  • Log into your tax return (make sure you're in the tax return not just your account).
  • Use the search box in the upper right hand corner and type in "health insurance, self-employed".
  • Click the "Jump to health insurance, self-employed" link that pops up.
  • You will have to answer several questions regarding your business (this will be several screens). These questions will help Turbo Tax set-up a Business Profile for you.
  • Once you've answered these questions, Turbo Tax will begin to ask you about your income.
  • Once you've entered your income, Turbo Tax will begin to ask you about your expenses.
  • Click on the Health Insurance Premiums button then click the Continue button.
  • This is where you'll enter the actual premiums you paid in 2016 then click the Continue button.


View solution in original post

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