Uploaded February 2025 | Updated September 2026, 1 week ago
This vid helps get started w/ TurboTax self employed@ turbotax.intuit.com/personal-taxes/self-employment-taxes/.
i. As a self-employed individual, you may be eligible to deduct premiums paid for medical, dental, and qualifying long-term care insurance for yourself, your spouse, and your dependents. This deduction can help reduce your taxable income, potentially lowering your tax liability.
**Key Points:**
- **Eligibility:** To qualify for this deduction, you must be self-employed and not eligible to participate in an employer-subsidized health plan. The deduction cannot exceed your net profit from self-employment.
- **Reporting the Deduction:** For the 2023 tax year, the IRS introduced Form 7206 to simplify the process of claiming the self-employed health insurance deduction. This form allows you to calculate and report your health insurance premiums directly.
- **TurboTax Assistance:** TurboTax provides guidance on entering your health insurance premiums. In TurboTax Online Self-Employed, navigate to the "Less Common Expenses" section of Schedule C, then select "Health Insurance Premiums" to input your information.
This vid helps get started w/ TurboTax self employed@ turbotax.intuit.com/personal-taxes/self-employment-taxes/.
i. As a self-employed individual, you may be eligible to deduct premiums paid for medical, dental, and qualifying long-term care insurance for yourself, your spouse, and your dependents. This deduction can help reduce your taxable income, potentially lowering your tax liability.
**Key Points:**
- **Eligibility:** To qualify for this deduction, you must be self-employed and not eligible to participate in an employer-subsidized health plan. The deduction cannot exceed your net profit from self-employment.
- **Reporting the Deduction:** For the 2023 tax year, the IRS introduced Form 7206 to simplify the process of claiming the self-employed health insurance deduction. This form allows you to calculate and report your health insurance premiums directly.
- **TurboTax Assistance:** TurboTax provides guidance on entering your health insurance premiums. In TurboTax Online Self-Employed, navigate to the "Less Common Expenses" section of Schedule C, then select "Health Insurance Premiums" to input your information.
