The self employed health insurance deduction can be deducted as an adjustment to your income.
You must be either self employed with a net profit, a partner in a partnership, or a more than two percent shareholder from an S Corporation from which you receive wages to qualify for the self employment health insurance deduction.
insurance plans deducted must be established under your name or the
name of the business or
self employment activity. If the business is a partnership or an S Corp
and the insurance is in your name, the business must reimburse you for
the premiums and report it on the W2 or K1.
The deduction cannot be more than the net profit of that business or activity.
The self employed health insurance deduction
is for insurance premiums for plans that cover medical expenses, dental
expenses, and long term care (with long term care the amount of the
deduction is limited). Voluntary medicare premiums can also be deductible.
The deductible insurance premiums can be for yourself, your spouse and for your dependents.
The health insurance of your own child up to 27 years (even if your child is not your dependent) can also be deducted. "Child" here means your son, daughter, stepchild, adopted child or foster child.
To get the maximum deduction possible look into the last two options before claiming self employment health insurance deduction.
Updated January 4, 2018
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