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I spent a large sum on medical malpractice insurance this year (Nearly $50K of post tax income). How do I deduct this as a professional or business expense?
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I spent a large sum on medical malpractice insurance this year (Nearly $50K of post tax income). How do I deduct this as a professional or business expense?
To report your malpractice insurance in TurboTax:
· Type in schedule c in the search box, top right of your screen
· Hit the Enter key
· Click jump to schedule c in the search results
· Arrive at the Your 2017 self-employed work summary
· Click the Edit button
· Arrive at the Here’s your info page
· Clock the Add expenses for this work button
· Arrive at the Tell us about any expenses page
· Scroll down to and click the radio button to the left of Business Insurance (5th category)
· Click the Continue button, bottom right of the page
· Arrive at the L et's enter the business insurance expenses for (your (business)
Enter your business insurance expenses in the below field
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