If you were self-employed, you may be able to deduct any amounts that you paid to provide health insurance for yourself, your spouse, and/or your dependents.
To qualify for the deduction:
- Your business must have had a net profit for the year and
- The insurance plan must be established under your business.
You are allowed a deduction for most of the medical expenses that you paid during the tax year. However, you cannot include any part of the expenses that were paid by an insurance company or other source.
Are there any limitations?
The Self-Employed Health Insurance Deduction cannot exceed the amount of income you earned from your business.
Can I deduct long-term care insurance premiums?
Yes, the following amounts are what you can deduct this year for long-term care insurance premiums.
|Age||Tax Year 2021|
|Age 40 and younger||$450|
|Age 41 to 50||$850|
|Age 51 to 60||$1,690|
|Age 61 to 70||$4,520|
|Over age 70||$5,640|