Can I deduct my health insurance premiums when I’m self-employed?
When you’re self-employed, you may be able to deduct medical, dental or long-term care insurance premiums that you paid for yourself, your spouse and your dependents.
We’ll check to see if you qualify for one or both of the following deductions after you enter your premiums in the self-employed business expense section or the Health Insurance section if you received a 1095-A:
Self-employed health insurance deduction, Form 1040, line 29
- The deduction is generally limited to your net profit from your self-employment (or your self-employed earnings as a partner or your paid wages as a shareholder in an S corporation).
- You can't include premiums for any month you were also eligible to participate in any subsidized health plan maintained by any employer of you, your spouse, your dependent or your child who was under age 27 at the end of the tax year.
- Your child (under age 27 at the end of the tax year) can be included even if they aren’t your dependent.
Medical and Dental Expenses on Schedule A, Itemized Deductions
- Premium amount is reduced by any self-employed health insurance deduction you claimed.
- You can't deduct insurance premiums paid with pretax or tax-free dollars.