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I was self employed for 6 months and had private health insurance. Is there a tax credit for my premiums. Thank you


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I was self employed for 6 months and had private health insurance. Is there a tax credit for my premiums. Thank you
Yes, there's a Self Employed Health Insurance deduction taken on line 29 of the 1040. It's limited to the net profit from Schedule C (or net earnings from other business entities), less any deductions for Self Employment tax and contributions to a SEP, SIMPLE, or qualified retirement plans.
Additionally, if you were eligible to participate in a subsidized plan through an employer (or thru your spouse's or dependent's employer), then you can't claim the deduction for any month for which you were eligible for such a plan.
Lastly, you cannot deduct on Schedule A any of the amounts claimed on line 29.
To enter your SE health premiums in TurboTax, click on the Business tab in TurboTax Self Employed, then Business Income & Expenses, then scroll down to Less Common Business Situations and select Self Employed Health Insurance. Then follow the prompts.
Here's a link to IRS Publication 535, Business Expenses: https://www.irs.gov/pub/irs-pdf/p535.pdf. Note page 18, Self Employed Health Insurance Deduction.
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I was self employed for 6 months and had private health insurance. Is there a tax credit for my premiums. Thank you
Yes, there's a Self Employed Health Insurance deduction taken on line 29 of the 1040. It's limited to the net profit from Schedule C (or net earnings from other business entities), less any deductions for Self Employment tax and contributions to a SEP, SIMPLE, or qualified retirement plans.
Additionally, if you were eligible to participate in a subsidized plan through an employer (or thru your spouse's or dependent's employer), then you can't claim the deduction for any month for which you were eligible for such a plan.
Lastly, you cannot deduct on Schedule A any of the amounts claimed on line 29.
To enter your SE health premiums in TurboTax, click on the Business tab in TurboTax Self Employed, then Business Income & Expenses, then scroll down to Less Common Business Situations and select Self Employed Health Insurance. Then follow the prompts.
Here's a link to IRS Publication 535, Business Expenses: https://www.irs.gov/pub/irs-pdf/p535.pdf. Note page 18, Self Employed Health Insurance Deduction.
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