I have 1099 income, but no LLC, can I deduct health insurance premiums?

[s d l]

My mother in law has a rental and will pay me via a 1099 to manage the rental. I don't have an LLC or formal business structure.  I am paying health insurance premiums through the health insurance marketplace. Can I deduct the health insurance premiums even if I don't have a formal business? What kind of 1099 do I need? (MISC, NEC...)

if I can deduct, is the self employment tax calculated before deduction or after deduction? For example, if my 1099 is $10,000 and my health insurance premium is $8,000, is the self employment tax calculated on $10,000 (before deduction) or $2,000 (after deduction)?

[ThomasM125]

Yes, if you aren't eligible for a subsidized company health insurance plan, you can treat your Marketplace insurance premiums as self-employed health insurance premiums. The deduction does not apply to your self employment income for self-employment (social security) tax purposes, however, only to your income for income tax purposes.

Your compensation should be reported on a Form 1099-NEC.

[s d l]

@ThomasM125 

if I get a 1099 MISC, does that mean I don't have to pay self employment tax? can I still deduct the health insurance premium?

[VolvoGirl]

Sorry you need to report it on Schedule C as self employment income.  Actually I would just enter your total income as Other self employment income or as Cash or General income.  You don't need to get a 1099NEC or 1099Misc or 1099K.  Even if you did you can enter all your income as Cash.  Only the total goes to schedule C.

How to enter income from Self Employment

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

For your own health insurance you need a Net Profit of Schedule C .  And it does not go directly on Schedule C so it won’t reduce your Schedule C profit or the self employment tax.

If your health ins exceeds your net self-employment income it gets split. An amount equal to your net self-employment income goes on Form 1040 Schedule 1 line 17 (to 1040 line 10) and the remainder gets added in to medical expenses on Schedule A.

Where to enter Self Employed Health Ins.  For Online you need the Premium version.

https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-health-insurance-premi...

Where to enter Self Employed Health Ins in the Home & Business program.

Where do I enter my health insurance premiums in TurboTax Home & Business if I'm self-employed?