Question

I received a 1095-C from my former employer. I am now self employed and pay the full health insurance premium amount. Can I deduct these on my taxes?

Forum|Forum|3 years ago
February 26, 2023
1 reply
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TurboTax Self Employed Online

Form 1095-C does not have to be included in your tax return. The form will indicate your name and the name of your large employer, the months during the prior calendar year when you were eligible for coverage, and the cost of the cheapest monthly premium you could have paid for coverage under your employer's health plan.

You can continue with your self-employed plan with no interruption.

If this does not completely answer your question, please contact us again and provide some additional details.

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J

JStaxerAuthor

Thanks for your response John. I am aware of everything you stated but my only question is whether I can deduct the premiums from my income. I am now self employed. Thanks

T

tmunoz

Yes, if you are using your self-employment to pay for your health insurance, you can enter those premiums as a deduction that will go into effect if you have a net profit.

If you have ACA insurance, with the marketplace, it will ask if you wish to link with a business, so you will want to begin your Schedule C before you enter your Form 1095-A, so there is something to link with.

If you have different insurance, enter that in the Schedule C portion, in Expenses. You may enter health insurance, dental insurance, and vision insurance.