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Long-term care insurance premiums. Are the options different for people who are self-employed? Yes, says Seid. “Self-employed individuals will be able to claim Medicare premiums as an above-the ...
Taxpayers who itemize may be able to use this deduction to the extent that their total medical and dental expenses, including health insurance premiums, exceed 7.5% of adjusted gross income. Self ...
Self-employed people are allowed to deduct their health insurance premiums on Schedule 1 of the 1040 form as an “above the line” deduction (which lowers their AGI).
These are discussed in IRS Publication 502. Other personal conditions, such as a period of non-employment as a self-employed individual, allow the payments for the high deductible insurance policy itself to qualify to be paid from the plan. [3]
A study published by the American Enterprise Institute in August 2008 examined the effect of state benefit mandates on self-employed individuals, and found that "the larger the number of mandates in a state, the lower the probability that a self-employed person will be a significant employment generator."
The 9 million self-employed workers have a greater challenge than many people to find affordable health insurance. They represent 8 percent of the US labor force, and essentially pay a tax on their health insurance premiums, unlike any other workers. They pay a tax of 15.3 percent of their net earnings, double the rate of wage and salary earners.
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