Self employed medical premiums

Forum|Forum|3 years ago
February 17, 2023
1 reply
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I am self employed and pay medical insurance premiums out of pocket.. I entered the premiums in TurboTax but the program states that my income is insufficient to permit a deduction for health insurance. My net income was $4800 for the year. Is there a minimum income required in order to deduct medical insurance premiums?

TurboTax Home & Biz Windows

GeorgeM777

No, there is no minimum net income amount that is required. The deduction cannot exceed the earned income you collect from your business. It is limited to the amount of your net earnings from your business. If you have more than one business, you can't combine the income from all your businesses for purposes of the income limit.

Do you have health insurance through the Marketplace? If so, those medical premiums are entered on Form 1095A in the program.

@philshair

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