"Tax Tips: Health Insurance Deductions Simplified"

Self-employed consultants can deduct health insurance premiums for themselves, their spouses, and dependents, provided they meet IRS eligibility criteria and report the deduction on Form 1040 Schedule 1. This deduction, limited to net self-employment income, lowers adjusted gross income and potentially reduces tax liability.

Health Insurance Premium Deductions for Self-Employed Consultants

Self-employed consultants may be eligible to deduct health insurance premiums on their tax returns. Below is a summary of key details regarding deductions:

Category	Description
Eligibility	Self-employed individuals who report income and are not eligible for employer-sponsored health plans can deduct health insurance premiums.
Coverage	The deduction applies to premiums for medical, dental, and qualified long-term care insurance for yourself, your spouse, and your dependents.
Deduction Limit	The deduction is limited to your net income from self-employment and cannot exceed this amount.
Tax Form	Use IRS Form 1040 Schedule 1 to report self-employed health insurance deductions.
Restrictions	You cannot claim this deduction if you are eligible for coverage through an employer’s health plan, including a spouse’s plan.
Additional Benefits	The deduction reduces your adjusted gross income (AGI), potentially lowering your overall tax liability.

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