Generally, any self-employed individual will qualify for the deduction as long as the individual meets the health insurance coverage qualifications.
To qualify for the deduction, one of the following statements must be true:
- You reported income on a Schedule C, Schedule C-EZ (form available only in tax year 2018 and earlier) or Schedule F as self-employed and show a net profit.
- You reported net earnings as a partner from self-employment.
- You reported net earnings and used an optional method to calculate self-employment taxes on Schedule SE.
- In the current tax year, you received wages from an S corporation and you were more than a 2% shareholder. The premiums paid or reimbursed by the S corporation should show as wages on Form W-2.
For more information on Deductions Related to Medical Expenses click here.