Can I deduct the amount paid for self/family medical insurance coverage?

A self-employed taxpayer, who has a net profit for the year, may be able to deduct the entire amount paid for health insurance for themselves, their spouse, and their dependents on Line 29 of the Form 1040.

You can also include health insurance paid for children under the age of 27, even if the child is not your dependent.

The insurance plan must be established under your business.

If you were eligible to participate in any subsidized health plan maintained by your or your spouse's employer for any month or part of a month, do NOT include amounts paid for health insurance coverage to calculate the deduction.

Medicare Part B premiums can be used to figure the deduction.

Also, amounts paid for health insurance coverage from retirement plan distributions that were non-taxable cannot be used to figure the deduction because you were a retired public safety officer.

Deluxe Edition

Includes All Free Features PLUS:

Audit Assist

Protect your taxes with Audit Assist!

Our tax professionals will assist you if you are audited by the IRS. Get the peace of mind that comes from knowing you are covered.

Included with DELUXE...
Find out More!

Free Edition

FREE Federal, FREE e-file

Our online application is designed to be simple and fast. Most returns can be completed within 30 minutes. No software to download. Use any computer that has an internet connection.

© 2002-2015 FreeTaxUSA, a TaxHawk, Inc. owned and operated website - Terms of Use