Question

Self Employed Health Insurance

Forum|Forum|6 years ago
March 28, 2020
1 reply
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I am self-employed, sole proprietor, not an LLC or S-Corp. I purchase individual plan insurance direct from Kaiser. Do I claim this as "self employed health insurance" within the business section of the return? The plan is in my name, not under the FBN.

VolvoGirl

Yes.

Self-employed health insurance deduction goes on Form 1040 Schedule 1 line 16 then to 1040 line 8a, as long as the expense is not greater than your net self-employment income. If it does exceed your net self-employment income it gets split automatically. An amount equal to your net self-employment income goes on Form 1040 Schedule 1 line 16, and the remainder gets added in to medical expenses on Schedule A.