Article: 50303

Overview

If you’re self-employed, you may be able to deduct the cost of health insurance premiums you paid for yourself, your spouse, and your dependents. This includes premiums for medical, dental, vision, and qualified long-term care insurance.

You can also deduct coverage for your child under age 27 at the end of the current tax year — even if that child isn’t listed as a dependent on your return. A child can be your biological child, stepchild, adopted child, or foster child (placed by an authorized agency or court order).

Add Self-Employed – Health Insurance Deduction

To add Self-Employed – Health Insurance Deduction:

1. Go to Federal Taxes.
2. Click Review.
3. Click I’d like to see the forms I’ve filled out or search for a form.
4. Enter Self-Employed – Health Insurance Deduction in the search box and click on Self-Employed – Health Insurance Deduction to add and open the form.
5. Enter your information and click Save.

Further Information

• IRS: Self-Employed Health Insurance Deduction
• Instructions for Form 7206
• IRS Publication 535 – Business Expenses
• IRS Publication 517 – Social Security and Other Information for Members of the Clergy and Religious Workers
• IRS Publication 974 – Premium Tax Credit