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My wife and I purchased health insurance together in 2016. My wife is a self employed appraiser. Can we deduct health insurance payments as a business expense?

Forum|Forum|7 years ago
June 6, 2019
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TurboTax Online

Best answer by MaryK1

Yes,

You can deduct up to 100% of health insurance premiums for you, your spouse and your dependents if you are self-employed and have a net profit from the business for which you created the plan.

Include health insurance premiums you made for your dependents who were under age 27 at the end of 2016.

C

Cattlerancher

Employee

It's entered in TurboTax just after your business expenses. It is not reported as an expense of your business. It's a deduction from your total income which lowers your AGI. The amount will be reported on line 29 of your 1040.

M

MaryK1Answer

Employee

Yes,

You can deduct up to 100% of health insurance premiums for you, your spouse and your dependents if you are self-employed and have a net profit from the business for which you created the plan.

Include health insurance premiums you made for your dependents who were under age 27 at the end of 2016.

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