You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for yourself, your spouse, and your dependents. The insurance can also cover your child who was under age 27 at the end of 2014, even if the child was not your dependent. One of the following statements must be true.
The insurance plan must be established under your business. This is defined below for each type of business owner:
Please refer to IRS Publication 535 Business Expenses for additional information.
To enter the self-employed health insurance deduction information within your TaxACT 1040 return (Online or Desktop), use the instructions below that apply to your situation.
Schedule C Statutory Employee
Schedule C
Schedule F
Partnership
S-Corporation
S-Corporation (No Schedule K-1 received)