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Self-Employed Health Insurance Deduction
I had 2 jobs in 2016. One of them I was an employee and received a W-2. The other I was self-employed and received a 1099. Neither of the 2 jobs offered health insurance so I had my own private policy. My employee wages (W-2 wages) was 85% of my total income and my self-employed income (1099 income) was 15% of my total income. Can I deduct 100% of the premiums on Form 1040 line 29 as Self-Employed health insurance deduction since neither employer offered health insurance? Or can I only deduct 15% of the premiums (the self-employed portion of my income)?
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Self-Employed Health Insurance Deduction
You can deduct 100% of your premiums but you are limited but the profit on your Schedule C.
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Self-Employed Health Insurance Deduction
Is there a formula for that?
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Self-Employed Health Insurance Deduction
No, just enter your premiums. The program will calculate your profit and adjust your premium amount accordingly.
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