I an a personal trainer and receive both W2 income and 1099 income. I pay for my own individual health insurance. Are the premiums deductible on my Schedule C?
posted
December 10, 20228:19 AM
last updated
December 10, 20228:19 AM
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Self Employed health Insurance does not go directly on Schedule C so it will not reduce your Net Profit or self employment tax.
If your health ins exceeds your net self-employment income it gets split. An amount equal to your net self-employment income goes on Form 1040 Schedule 1 line 17 (to 1040 line 10) and the remainder gets added in to medical expenses on Schedule A.