Question

I have a question about health insurance tax deductions. If I was self-employed for only a few months, can I deduct health insurance premiums I paid all year long?

Answer

Maybe. Health insurance tax deductions may be taken under certain circumstances.

You can deduct health insurance premiums that you paid as a self-employed health insurance premium only for the period you:

  • Were self-employed
  • Weren’t eligible for employer-subsidized health coverage through your or your spouse’s employer

You can claim the health insurance premiums you paid when you weren’t self-employed if both of these apply:

  • You itemize your deductions.
  • Your expenses are more than 7.5% of your adjusted gross income (AGI).

 

Related Topics