Category: Health Coverage
What type of business do I have to own to qualify for the Self-Employed Health Insurance Deduction?
Generally, any self-employed individual will qualify for the deduction as long as the individual meets the health insurance coverage qualifications.
Typically, you are able to deduct the amount you paid for health insurance for yourself, your spouse, and your dependents if any of the following applies:
* You were self-employed and had a net profit for the year.
* You used one of the optional methods to figure your net earnings from self-employment on Schedule SE.
* You received wages during the tax year from an S corporation in which you were a more-than-2% shareholder. In this case, you health insurance benefits paid for you may be shown in box 14 of Form W-2.
* You were a partner with net earnings from self-employment for the year reported on Schedule K-1 (Form 1065)
For more information on Deductions Related to Medical Expenses click here.