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But are medical premiums tax deductible, too?
If youre self-employed, youre responsible for paying the full cost of your health insurance premium.
How you buy your health insurance impacts whether you’re free to deduct your premiums from your taxes.
Are Health Insurance Premiums Tax Deductible for Employees?
Thats because of how payments for these insurance plans are structured.
Typically, your employer will pay for some of your monthly premiums.
If your premiums are paid with pre-tax money, you cant deduct them from your taxes.
There are a few exceptions, though.
In that case, your partners health insurance premiums could be tax-deductible.
When Can Self-Employed Individuals Deduct Health Insurance Premiums?
You may be able to deduct your dental and health insurance premiums if youre self-employed.
In some cases, your spouses health insurance premiums.
To qualify, your spouse cant be eligible for an employer-subsidized plan.
Eligibility Requirements
Youll need to meet some other eligibility requirements, too.
Your medical premium tax deductions are limited based on your insurance punch in, too.
TheIRS allows you to deduct medical and dental expensesthat exceed 7.5% of your adjusted gross income.
You may be able to deduct expenses that you paid for yourself, your spouse and your dependents.
To deduct these expenses, you will need to itemize your deduction using aSchedule A form.
If you have any questions, be sure to consult with a tax professional.
Filing your taxes as a self-employed individual can be confusing.
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