My spouse is self-employed, our family health insurance is under her name, but the premiums are greater than her income

[Fldavem1]

We have a private health insurance in my spouses and the premiums exceed her income (let's say by 30%).  Can I recoup, somehow, the deductions for that 30% that is above her income?  I'm full time and not on a company plan.

(follow up): Also, i failed to include that deduction last year.  I understand I'll have to file an amended return (1040-X) but will it follow the same procedure as the solution for the above?

Thanks in advance!

[DianeC958 · Accepted solution]

Possibly,  if you are taking Itemized Deductions instead of the Standard Deduction, Health Insurance premiums can be included as a Medical Cost.  One thing is that the only amount deductible for Medical Expenses are Medical Expenses that exceed 7.5% of the total income on your return or Adjusted Gross Income.

Link with more information about Standard Deduction vs Itemized Deduction

Yes, this same solution will work if you are going to amend your 2018 tax return.

Link on amending your 2018 and/or prior year's tax returns