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Steve Shorr Insurance

 

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Established   1981

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  Self-Employed Health Insurance Deduction IRS Publication 502(all Medical Expenses) Insurance Premiums IRS Publication 535 HTML pdf page 18

You may be able to deduct 100% of the amount paid for medical and dental insurance and qualified long-term care insurance for you, your spouse, and your dependents if you are one of the following.

bulletA self-employed individual with a net profit reported on Schedule C, C–EZ, or F.
bulletA partner with net earnings from self-employment reported on line 15a of Schedule K–1 (Form 1065).  IRC Section 162 (l)
bulletA shareholder owning more than 2% of the outstanding stock of an S corporation with wages from the corporation reported on Form W–2.

The insurance plan must be established under your business. (The publication says this, it doesn't appear the code does though)  You may be allowed this deduction whether you paid the premiums yourself or your partnership or S corporation paid them and you included the premium amounts in your gross income. For sole proprietors, the policy does not have to be in the name of the business if it is in the name of the sole proprietor. Take the deduction on line 29 of Form 1040. IRS Publication 535 HTML pdf page 18

Nolo Press How Sole Proprietors Are Taxed

Types of Business Organization

Similarly Situated Employees

Self Employed Individual Polices?HSA Taxation ERISA Mental Health Parity Cafeteria Plans Orthotic Misstatements? CA Insurance Code Guaranteed Issue

 

   

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