Is health insurance tax deductible?
Answer:
If you are self-employed, your health insurance premiums may be tax deductible. Deductions are for long-term, medical, dental insurance premiums that typically cover the self-employed individual, their spouses, and dependents. See if you qualify for deductions. According to the IRS, "You may deduct only the amount of your total medical expenses that exceed 10% of your adjusted gross income or 7.5% if you or your spouse is 65 or older. The 7.5% limitation is effective only from January 1, 2013 to December 31, 2016 for individuals age 65 and older and their spouses. You figure the amount you are allowed to deduct on Form 1040, Schedule A."
