How Do You Claim The Self-Employed Health Insurance Tax Deduction?
If you are self-employed, you may be able to claim a tax deduction as an adjustment to income for a health insurance plan that covers you, your spouse and dependents if you set up the plan under your business. Determine whether you qualify for the deduction. You qualify if you were self-employed and had a net profit for the year as reported on Schedule C, C-EZ, or F, you used one of the optional methods to figure your net earnings from self-employment on Schedule SE, or you received wages from an S corporation in which you were more than a 2 percent shareholder. Have a health insurance plan set up under the name of your trade or business. The plan can cover you, your spouse and dependents, but it must be set up under your business. Determine whether you were covered by medical insurance provided by your or your spouse’s employer during any portion of the year. You cannot claim the self-employed health insurance deduction for any month in which you were eligible to participate in a heal
