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How is health insurance deduction for self employed calculated? I paid over $ 2500 for premiums last year and only about $ 200 showed as a deduction to income?

 
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AndreaG
New Member

How is health insurance deduction for self employed calculated? I paid over $ 2500 for premiums last year and only about $ 200 showed as a deduction to income?

The amount of your health insurance premiums that you can deduct, is limited to the amount of your net self employment income. For additional clarification please refer to the worksheet on page 32 of the IRS instructions for Form 1040. https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

Also refer to the following Turbo Tax FAQ. https://ttlc.intuit.com/replies/4230299

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1 Reply
AndreaG
New Member

How is health insurance deduction for self employed calculated? I paid over $ 2500 for premiums last year and only about $ 200 showed as a deduction to income?

The amount of your health insurance premiums that you can deduct, is limited to the amount of your net self employment income. For additional clarification please refer to the worksheet on page 32 of the IRS instructions for Form 1040. https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

Also refer to the following Turbo Tax FAQ. https://ttlc.intuit.com/replies/4230299

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