Health Insurance discount for LOW self employment income

Contented · ‎January 26, 2022

With Covid my entertainment business showed a profit of only $700 this year. My health insurance premiums were over $13,000 for the year. Will I still be able to count them as a deduction and will it only be partial?

Vanessa A · ‎January 26, 2022

You would only be able to take the $700 deduction as part of the requirement for this deduction is that you have a profit.

If your insurance was through the marketplace, you could still qualify for the Premium Tax Credit.

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View solution in original post

Vanessa A · ‎January 26, 2022

You would only be able to take the $700 deduction as part of the requirement for this deduction is that you have a profit.

If your insurance was through the marketplace, you could still qualify for the Premium Tax Credit.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Health Insurance discount for LOW self employment income