Self  Employed  and S Corp owners may deduct the  entire Health Insurance Premium
from Gross Income on line 16 schedule 1
of their   1040 Tax Return

This includes the:

  1. the owner – taxpayer,
  2. the owner’s – taxpayer’s spouse,
  3. the owner’s – taxpayer’s dependents, and‘
  4. any child (152(f)(1)) of the taxpayer who as of the end of the taxable year has not attained age 27. (HR 4872 – Obama Care  §162(l)(1)  §401(c)(1))

Our Webpage on Insurance Coverage for 

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Provided that:

You are not eligible to participate in any subsidized health plan maintained by any employer 26 USC 162 (I) (2) (b)

The insurance plan must be established under your business per IRS  Publication 535 pdf page 18   Take the deduction on line 29 of Form 1040.

For more clarification of what “under your business” means  – email us to discuss Tax Facts ONLINE – Subscription Question # 328

Obamacare Tax Subsidy?

If you receive Obamacare Tax Credits,

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With at least ONE non spousal w-2 employee  ♦  Owners ONLY

Employer Links & Resources

 IRS Publication 502(all Medical Expenses)  Insurance Premiums

irs.gov/1040

Paying into Social Security # 10022

IRS 8885 Health Coverage Tax Credit   A partner with net earnings from self-employment reported on line 15a of Schedule K–1 (Form 1065).
IRC Section 162 (l)

A shareholder owning more than 2% of the outstanding stock of an S corporation with wages from the corporation reported on Form W–2.

IRS Publication #535 Business Expenses

Schedule C Profit or Loss from Business 1040

Instructions Schedule C

Types of Business Organization

Learn more — No more salary discrimination §2716,

Email us for Tax Facts Self Employment Deduction Password Protected

Small Biz Owner Guide to the Cares Act

Small Biz Owner Guide to Cares act

Our webpage on the CARES act

How Insurance covers COVID 19

Summary

NPR Summary

* Steptoe.com

  • FAQ's o PPP Loans from Senate Committee

 

How to fill out Schedule C for Business Taxes

Schedule C - Profit or Loss from Small Business

irs.schedule.c
Schedule C Profit or Loss from Business

Child, Related Pages & Site Map 

Other pages in Small Biz Tax Credits §45 R section

AB 1672 – (1992 to 2013) Small Group Health Rules prior to Obamacare

Health Insurance Deduction Line 29  for self employed

Schedule C – Line 12 Biz Income or Loss,  Line 29 Health Insurance Premiums,  Line 37 Adjusted Gross Income,   MAGI Income

Home Office Deduction

Self Employed Deduction for S Corp Owners

Details on Obamacare Subsidy and Line 29 deduction

Self Employed – New Definition under Health  Care Reform – Introduction

See also rules on Management Carve Outs, what you offer to yourself, must be offered to employees, along with Insurance Company participation rules.

DiscriminationManagement Carve Outs  Offering Employees same terms and benefits?

Covered CA Reporting

How much deduction for subsidy vs tax credit vs entire premium?

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