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Covered California Q&A

Covered California and Obamacare related questions from consumers, employers and agents are answered by Phil Daigle with the best information available at the time. Archived entries may no longer be accurate as the Covered California and Obamacare knowledge-base is evolving quickly. TO REQUEST A PERSONAL RESPONSE INCLUDE EMAIL ADDRESS.


Can a Self Employed Person Deduct Premiums?

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Question: Can a Self Employed person continue to deduct INDIVIDUAL Medical Insurance Premiums in 2014? Does it matter if they got their coverage ON or OFF the exchange?

Answer: Yes. If you are self-employed, a tax deduction generally available for medical (on-exchange or off-exchange), dental or long-term care insurance premiums 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.) You must have a net profit from self-employment. You would report this on a Schedule C, Profit or Loss From Business, Schedule C-EZ, Net Profit From Business, or Schedule F, Profit or Loss From Farming. You had self-employment earnings as a partner reported to you on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. You were paid wages reported on Form W-2, Wage and Tax Statement, as a shareholder who owns more than two percent of the outstanding stock of an S corporation.

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“The insurance can also cover your child who was under age 27 at the end of 2014”

The correct age is “26”. A child may be covered under a parent’s policy through age 25, but at 26 they are definitely an adult and unless they are physically or mentally disabled and principally dependent on the parent for support, must have their own insurance or face the dreaded “Shared Responsibility Payment” (aka: TAX PENALTY).

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