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How is self employed health insurance deduction calculated on box 29 (1040 form)

 
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Coleen3
Intuit Alumni

How is self employed health insurance deduction calculated on box 29 (1040 form)

In general, for the health insurance premiums, you can deduct up to 100% of the premiums for you, your spouse, and your dependents if your work shows a net profit. The premiums will appear on Line 29 of your Form 1040. Any payments that exceed your net business income will flow over to Schedule A as a personal medical expense. We'll automatically handle the line items and calculations for you.

If you have Marketplace insurance, you are also permitted to deduct your portion of the health insurance premiums (total premium minus the premium tax credit you are permitted) as a business expenses.  TurboTax will compute this amount and enter it on 1040 Line 29.

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1 Reply
Coleen3
Intuit Alumni

How is self employed health insurance deduction calculated on box 29 (1040 form)

In general, for the health insurance premiums, you can deduct up to 100% of the premiums for you, your spouse, and your dependents if your work shows a net profit. The premiums will appear on Line 29 of your Form 1040. Any payments that exceed your net business income will flow over to Schedule A as a personal medical expense. We'll automatically handle the line items and calculations for you.

If you have Marketplace insurance, you are also permitted to deduct your portion of the health insurance premiums (total premium minus the premium tax credit you are permitted) as a business expenses.  TurboTax will compute this amount and enter it on 1040 Line 29.

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