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markeberlycurrie
New Member

If I deducted medical insurance premiums on Schedule C, can I also deduct them on Schedule A as Medical Expense?

As a sole proprietor, do I enter my Medical Insurance premiums on Schedule C or Schedule A, Medical Expense or both?

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Marketstar
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If I deducted medical insurance premiums on Schedule C, can I also deduct them on Schedule A as Medical Expense?

No, you should not deduct the same expense twice on your tax return.

You can deduct medical insurance as a business expense if:

  • The policy must be in your name or the business name

  • Your deduction for self-employed health insurance is limited to net income on your Schedule C less the deductible part of your self-employment tax (Form 1040 line 29), less contributions to a qualified retirement plan (TurboTax will do the math for you)

  • If you received a subsidy or premium tax credit to purchase a health insurance plan in the Health Insurance Marketplace through the Affordable Care Act, any advanced-payment subsidy that lowered the cost of your health insurance premiums cannot be claimed as a tax deduction. However, the money you paid out of your own pocket for your premiums might be tax deductible.

  • You can't include premiums for any month you were also eligible to participate in any subsidized health plan maintained by your employer or your spouse’s employer.

  • However, payments for those months are deductible on Schedule A if you itemize deductions

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