Question

SELF EMPLOYED HEALTH INSURANCE PREMIUM DEDUCTION

Forum|Forum|2 years ago
January 27, 2024
2 replies
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I earn wages via W-2 employment. My employer does not offer health insurance. I also have a "side-gig" earning 1099-NEC, that is substantially less than the amount of my W-2 earnings. I purchase medical and dental insurance on my own directly from an insurance provider. I have no other business expenses to deduct from the NEC income. Can I still deduct the health insurance premiums from my self-employent income (up to the amount of my 1099-NEC earnings)?.

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A

AnnetteB6

Yes, you can deduct your self-employed health insurance premium as long as you were not eligible to participate in an employer-sponsored health plan. The amount you may deduct is limited to your net self-employment income.

Take a look at the following TurboTax articles for more information and details about how to enter this deduction into your return:

Can I deduct health insurance premiums if I'm self-employed?

Where do I enter my health insurance premiums if I'm self-employed?

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M

Mike9241

I'll assume you are not married or if you are your spouse is not employed by an employer that offers subsidized health insurance and you were eligible to participate. If so, you can't deduction the premiums in the months you're eligible to participate in that plan. if deductible, your deduction is limited to the NET SE income reduced by 1/2 the SE tax.