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Can I deduct my self employed health insurance premiums if my business had a net loss?

If I am self employed and my business had a net loss can I still deduct my health insurance expenses to make the net loss even larger and decrease my income even more?

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2 Replies
MarilynG
Expert Alumni

Can I deduct my self employed health insurance premiums if my business had a net loss?

No, you will not be able to deduct your Health Insurance Premiums for self-employment if you have a Loss on Schedule C.

Click the link for an article on deducting health insurance premiums if you're self-employed.

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Can I deduct my self employed health insurance premiums if my business had a net loss?

You can only deduct it on Schedule A for Itemized Deductions.  

Self-employed health insurance deduction goes on Form 1040 Schedule 1 line 29, as long as the expense is not greater than your net self-employment income. If it does exceed your net self-employment income it gets split automatically. An amount equal to your net self-employment income goes on Form 1040 Schedule 1 line 29, and the remainder gets added in to medical expenses on Schedule A.

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