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cameron2
New Member

My wife has a part time job and we are applying business expenses as part of her 1099 misc. She also paid health insurance premiums for her and our two kids. Can she claim that as part of her business deduction under Insurance Payments.

 
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KarenL2
Level 5

My wife has a part time job and we are applying business expenses as part of her 1099 misc. She also paid health insurance premiums for her and our two kids. Can she claim that as part of her business deduction under Insurance Payments.

No, that space is for business insurance.  Also, self-employed health insurance is only deductible if there is no insurance offered for her and the children from your job (if you have an employer). 

It will be a deduction on page 1 of the federal form 1040 as Self-Employed Health Insurance.  The amount you can deduct is limited to your net profit in your business.  If your business has a loss, you will not be able to deduct the insurance premiums on the Form 1040. However, you can claim them as an itemized expense on Schedule A, if you have enough other medical expenses.

Here is where to enter your medical insurance premiums if you are self-employed:

https://ttlc.intuit.com/replies/4230299

Also, here is a link to a good article on Self-Employed Health Insurance . 


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