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Self-Employment Health Insurance


If you had net profit from self employment for the year, you can claim an adjustment to income, medical and qualified long-term care insurance paid on behalf of yourself, your spouse, and your dependents.

For this purpose, you were self-employed if you were a general partner (or a limited partner receiving guaranteed payments) or you received wages from an S corporation in which you were more than a 2% shareholder.

Limitations
The insurance plan must be established under your trade or business and the deduction cannot be more than your earned income from that trade or business.
 
You cannot deduct payments for medical insurance for any month in which you were eligible to participate in a health plan subsidized by your employer or your spouse's employer.

You cannot deduct payments for a qualified long-term care insurance contract for any month in which you were eligible to participate in a long-term care insurance plan subsidized by your employer or your spouse's employer.



 
How to claim personal exemptions.
You take this deduction on Form 1040, line 29. If you itemize your deductions and do not claim 100% of your self-employed health insurance on line 29, include any remaining premiums with all other medical care expenses on Schedule A (Form 1040), subject to the 7.5% limit, to use it in your tax return, please click here.
 
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