Self-employed health insurance deduction - information from Brookwood Tax Service

This page last updated on
February 26, 2006

Self-Employed Medical Insurance Deduction
Sole Proprietors, Partners and S-Corporation Shareholder/Employees can Benefit

If you are self-employed, you are allowed to deduct 100% of your health insurance premiums as an adjustment to income.

Eligible health insurance costs include premiums paid for insurance coverage on you, your spouse, and your dependents.

The deduction is not available for any month that you were eligible for coverage under a subsidized plan maintained by your or your spouse's employer.

This adjustment is available to sole proprietors, general partners and shareholder-employees of S Corporations. If you are a partner in a partnership or share-holder-employee of an S corporation and your health insurance premiums were paid by the business, the deductible premium amount will be listed on the Schedule K-1 you receive from the business.

The adjustment is taken on the first page of the Form 1040.

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Self-Employed Medical Insurance Deduction Sole Proprietors, Partners and S-Corporation Shareholder/Employees can Benefit

Self-Employed Medical Insurance Deduction
Sole Proprietors, Partners and S-Corporation Shareholder/Employees can Benefit