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 were self-employed and had a net profit for the year reported on Schedule C (Form 1040) or Schedule F (Form 1040).
- You were a partner with net earnings from self-employment for the year reported on Schedule K-1 (Form 1065), box 14, code A.
- You used one of the optional methods to figure your net earnings from self-employment on Schedule SE (Form 1040).
- You received wages during the tax year from an S corporation in which you were a more-than-2% shareholder. Health insurance premiums paid or reimbursed by the S corporation are shown as wages on Form W-2.
For more information on Deductions Related to Medical Expenses, click here.