Self-employment health insurance deduction not giving me the option in schedule C

needhelp
needhelp Member Posts: 1 Newcomer
in Credits/Deductions

I am trying to enter the amount of health care premiums I paid following path: Income>Business/Rental Income>Business Income (Schedule)>Edit>Health Insurance. BUT when I click on Health Insurance the only option I am given is Did you pay for long-term insurance? There is no option for "Health Insurance"

Answers

  • JMSSGV
    JMSSGV Member, Star Posts: 303 image

    Self-employed health insurance is not a Schedule C business expense and doesn't reduce your net business/self-employment income. It doesn't get deducted on Schedule C.

    I don't know how you enter it on FTUSA, but the form you need is 7206, so look for that form in the software.

  • TaxMorgan
    TaxMorgan FreeTaxUSA Agent Posts: 104 image
    Hello needhelp,

    To enter your self-employed health insurance premiums, go to Income > Business Income (Schedule C), select Edit next to your business, and then hit Start next to Health Insurance under Expenses and Assets. The first question on that page should be "Do you have self-employed health insurance coverage?"

    One thing to note: this deduction is only available if your business has a net profit for the year. If your Schedule C shows a loss or zero profit, the health insurance option will not appear, and the deduction cannot be taken.

    As always, if you need more specific assistance related to your situation, please reach out to us from the support center of your account where we will be able to assist you directly.

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