If the total of all your Schedule Cs for the year shows a net profit, you might be allowed a deduction for your self-employed health insurance premiums as an adjustment to your overall gross income from all sources for the year. Report this deduction on line 29 of your 1040.
See the Instructions for Form 1040 pages 32-33 including the self-employed health insurance worksheet on page 32, and IRS Pub 535.
If you received the Premium Tax Credit, you won’t be able to use the worksheet mentioned above because the deduction is allowed for computing your adjusted gross income (AGI) and your AGI is needed to compute the deduction, presenting a complex and seemingly unsolvable math problem because you can’t make one calculation without knowing the other one.
Read Pub 974 instead for alternate calculation options and seriously consider consulting with a professional tax preparer.
For more tips on tax deductions for freelancers, consultants, independent contractors (any self-employed person who files a Schedule C), click here.