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Does after-tax company retiree health insurance premiums deducted from my pension qualify as a self-employee expense?

My spouse and I are retired and I'm now self-employed. We pay after-tax medical insurance premiums to my former company as an deduction from my pension. Are those premiums reported as self employment business expense? They are after-tax!

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IreneS
Expert Alumni

Does after-tax company retiree health insurance premiums deducted from my pension qualify as a self-employee expense?

UPDATED FOR TAX YEAR 2019

 

Yes.  You can enter premiums paid for health insurance in your business return. 

 

Premiums for health insurance and long-term care insurance will not show on your on Schedule C.  Instead, they are shown as a deduction from your gross income on Schedule 1 of form 1040, line 16 [self-employed health insurance deduction].  [Don't worry, just enter the expenses under your business and TurboTax will take care of it!]

 

 

[Edited | 4/13/2020 |  1:27 pm PDT]



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1 Reply
IreneS
Expert Alumni

Does after-tax company retiree health insurance premiums deducted from my pension qualify as a self-employee expense?

UPDATED FOR TAX YEAR 2019

 

Yes.  You can enter premiums paid for health insurance in your business return. 

 

Premiums for health insurance and long-term care insurance will not show on your on Schedule C.  Instead, they are shown as a deduction from your gross income on Schedule 1 of form 1040, line 16 [self-employed health insurance deduction].  [Don't worry, just enter the expenses under your business and TurboTax will take care of it!]

 

 

[Edited | 4/13/2020 |  1:27 pm PDT]



**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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