{"id":2317,"date":"2016-02-18T19:45:10","date_gmt":"2016-02-19T00:45:10","guid":{"rendered":"http:\/\/sherylschuff.com\/blog\/?p=2317"},"modified":"2016-02-18T19:45:10","modified_gmt":"2016-02-19T00:45:10","slug":"tax-deduction-for-self-employed-health-insurance-premiums","status":"publish","type":"post","link":"https:\/\/sherylschuff.com\/blog\/self-employed\/tax-deduction-for-self-employed-health-insurance-premiums\/","title":{"rendered":"Tax Deduction for Self-Employed Health Insurance Premiums"},"content":{"rendered":"

\"\"<\/p>\n

If the total of all your Schedule Cs for the year shows a net profit, you might<\/em> be allowed a deduction for your self-employed health insurance premiums<\/strong> as an adjustment to your overall gross income from all sources for the year. Report this deduction on line 29 of your 1040.<\/strong><\/p>\n

See the Instructions for Form 1040 pages 32-33 including the self-employed health insurance worksheet on page 32, and IRS Pub 535.<\/strong><\/p>\n

If you received the Premium Tax Credit, you won\u2019t be able to use the worksheet<\/span><\/strong> 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\u2019t make one calculation without knowing the other one.<\/p>\n

Read Pub 974 instead for alternate calculation options and seriously consider consulting with a professional tax preparer.<\/p>\n

For more tips on tax deductions for freelancers, consultants, independent contractors (any self-employed person who files a Schedule C), click here<\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<\/p>\n

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.<\/p>\n

See the Instructions for […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","tve_updated_post":"","tve_custom_css":"","tve_user_custom_css":"","tve_globals":{},"tcb2_ready":0,"tcb_editor_enabled":0,"tve_landing_page":"","_tve_header":"","_tve_footer":""},"categories":[288],"tags":[],"class_list":["post-2317","post","type-post","status-publish","format-standard","hentry","category-self-employed","odd"],"_links":{"self":[{"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/posts\/2317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/comments?post=2317"}],"version-history":[{"count":10,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/posts\/2317\/revisions"}],"predecessor-version":[{"id":2327,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/posts\/2317\/revisions\/2327"}],"wp:attachment":[{"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/media?parent=2317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/categories?post=2317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sherylschuff.com\/blog\/wp-json\/wp\/v2\/tags?post=2317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}