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Steve Shorr Insurance
San Pedro (Los Angeles) California
(310) 519-1335
SteveS@SteveShorr.com Toll Free (888) 277-8219

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  Self-Employed Health Insurance Deduction

OBAMA Care:

(2) SELF-EMPLOYED HEALTH INSURANCE DEDUCTION.—Section 162(l)(1) of such Code is amended to read as follows:
‘‘(1) ALLOWANCE OF DEDUCTION.—In the case of a taxpayer who is an employee within the meaning of section 401(c)(1), there shall be allowed as a deduction under this section an amount equal to the amount paid during the taxable year for insurance which constitutes medical care for—

‘‘(A) the taxpayer,
‘‘(B) the taxpayer’s spouse, ‘
‘(C) the taxpayer’s dependents, and ‘‘
(D) any child (as defined in section 152(f)(1)) of the taxpayer who as of the end of the taxable year has not attained age 27.’’. HR 4872

 

 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

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