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Level 5
February 12, 2020
Solved

Self Employed health insurance

  • February 12, 2020
  • 9 replies
  • 40 views

Can the full amount of Medicare premiums be deducted as self employment health insurance on the Schedule C if the profit is only slightly more than the premiums?

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Best answer by dbelling

self employed health insurance never decreases the income on schedule C...you enter it on Schedule C in the box for self employed and then it flows as a deduction on the form 1040.  The deduction is limited to net income of the business.

9 replies

dbellingAnswer
Level 4
February 12, 2020

self employed health insurance never decreases the income on schedule C...you enter it on Schedule C in the box for self employed and then it flows as a deduction on the form 1040.  The deduction is limited to net income of the business.

Shirley79Author
Level 5
February 12, 2020

Thank you - I do understand that, but my question is... if a person has a small business and his net profit is say.... $2000, can he still claim the total Medicare premium of $1626 as the self employed insurance adjustment?

Just-Lisa-Now-
Intuit Community Champion
February 12, 2020

yes.

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