Artisan Q&A

Dear Rex,

I’m a self-employed musician and pay for my own health insurance.  How much of this can I deduct?

–Healthy Artist

You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for you, your spouse, and your dependents.  To qualify, you must be a self-employed individual with a net profit reported on Schedule C (Form 1040), Profit or Loss From Business, Schedule C-EZ (Form 1040), Net Profit From Business.

The insurance plan must be established under your business.  For Schedule C filers, the policy can be either in the name of the business or in the name of the individual.  However, you cannot take the deduction for any month you were eligible to participate in any employer (including your spouse’s) subsidized health plan at any time during that month.