Thursday, February 17, 2011

Support Document on How to Report Self-Employed Health Insurance Deduction for 2010

With the creation of The Small Business Job Creation and Access to Capital Act of 2010, P.L. No. 111-240, self employed individuals are able to deduct their health insurance premium costs against net self-employment income for the purposes of calculating self-employment tax. For the 2010 filing season, which is currently the only tax year this deduction is allowed, questions are cropping up as to how to report and take this deduction. The following document from Rural Tax Education attempts to provide direction about the issue:

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