My Wire is a Retired School Teacher. We file married filing jointly and we are both younger than 65. I retired from a corporate job but now I commercially fish and we both collect a small retirement pension. My commercial fishing business makes a net profit and I file Schedule C
As part of my wife's retirement package we get a discounted rate on health insurance via the Barnstable Country Retirement association group policy. We purchase BCBS health insurance using her retirement benifit to cover both are health insurance needs.
Can I deduct this monthly Health Insurance cost on schedule C for the fishing business? The Turbo tax field is: Business Income and Expenses -> Health Insurance Premiums.
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In your situation, they are only deductible if you itemize on Schedule A. For self-employed individuals to get a deduction (never on Schedule C for self and family) on line 17 of the 1040, Schedule 1 the plan must be in the the of the sole proprietor or his business.
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