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

Related Resources

What’s the Difference? Enrolled Agent vs. CPA

What’s the difference between an enrolled agent (EA) vs. a certified public accountant (CPA)? Explore the roles of EAs and CPAs at H&R Block.

What Is Virtual Tax Preparation?

Virtual tax preparations let you complete your taxes online from the comfort of your home. Find out how easy remote tax preparations can be at H&R Block.

What Is an Enrolled Agent or EA?

What does it mean to be an enrolled agent? Learn more about the roles and requirements of enrolled agent (EA) tax preparers at H&R Block.

How Does Changing Jobs Affect Your Tax Return?

Changing jobs can come with tax implications like job search and moving expense deductions. Learn more about these potential benefits at H&R Block.