Self employed health insurance

[lotrroxs1210]

My husband is self employed and I am a full-time student. I pay for health insurance through my school. Can I claim the premiums as a deduction?

[HelenaC]

If your question is whether you can deduct health insurance premiums, paid with after tax monies, on your husband's Schedule C, Profit of Loss From Business: https://ttlc.intuit.com/replies/4839806

To enter self-employed health insurance premiums, follow these steps. You'll need to be in the Home & Business version:

1. Open your return and click the Business tab.
2. Continue to How do you want to enter your business income? and click I'll choose what I work on.
3. Scroll down to Self-employed Health Insurance (under the Less Common Business Situations heading) and click Start.

As a self-employed person, you're allowed to deduct premiums up to the amount of your net business income; 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.

To deduct them on your Form 1040, Schedule A, Itemized Deductions, generally, yes, you can deduct health insurance premiums, if you paid them with after tax monies.

• You need to itemize. 
• Your medical expenses are subject to 10% of adjusted gross income (7.5% if you're 65 or older as of December 31, 2015). See Can I Claim Medical Expenses on My Taxes?

To enter medical, dental, and vision expenses are reported on Schedule A, in the Deductions & Credits section:

1. Open your tax return.
   (To do this, sign in to TurboTax and click the orange Take me to my return button.)
2. Search for Schedule A and then click the "Jump to" link in the search results.
3. Answer Yes on the Did you have any medical expenses in 2016? screen.
4. You will then be prompted to enter your medical expenses, starting with prescriptions.

If you're using Federal Free Edition or Basic and your medical expenses are large enough that you would benefit from itemizing deductions, you'll be prompted to upgrade to Deluxe, as the Federal Free and Basic versions do not handle Schedule A.

If the premiums are taken out of your paycheck, no, you can't deduct them. For more information, click on  Can I deduct health insurance premiums taken from my paycheck?

Related Information:

• What kinds of medical expenses are deductible?
• Why doesn't my refund change after I enter my medical expenses?
• Where do I enter my health insurance premiums if I'm self-employed?
• Am I allowed to deduct medical expenses I haven't paid for yet?