My wife and I purchased health insurance together in 2016. My wife is a self employed appraiser. Can we deduct health insurance payments as a business expense?
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1 Best answer
MaryK1
Level 9
Jun 5, 2019 10:25:12 PM
Yes,
You can deduct up to 100% of health insurance premiums for you, your spouse and your dependents if you are self-employed and have a net profit from the business for which you created the plan.
Include health insurance premiums you made for your dependents who were under age 27 at the end of 2016.
2 Replies
Cattlerancher
New Member
Jun 5, 2019 10:25:11 PM
It's entered in TurboTax just after your business expenses. It is not reported as an expense of your business. It's a deduction from your total income which lowers your AGI. The amount will be reported on line 29 of your 1040.
MaryK1
Level 9
Jun 5, 2019 10:25:12 PM
Yes,
You can deduct up to 100% of health insurance premiums for you, your spouse and your dependents if you are self-employed and have a net profit from the business for which you created the plan.
Include health insurance premiums you made for your dependents who were under age 27 at the end of 2016.