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Thread: Tax/Insurance question

  1. #1
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    Dec 2016
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    Default Tax/Insurance question

    First post here.

    I currently work a W-2 job. I am looking at quitting and working for my self. I was wondering about health insurance and how much of it is able to be written off? Can someone point me in the right direction?

  2. #2
    Post Impressionist Array vangogh's Avatar
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    Aug 2008
    Boulder, Colorado
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    I wish I could give you a more definitive answer, but there are some factors. If you buy insurance through one of the insurance marketplaces under the affordable care act, you can deduct the cost, depending on how much you earned for the year. I'm not sure about buying insurance outside of one of the new insurance marketplaces and of course the existing system may be gone within the next couple of years.

    The IRS website is a good place to find more information. Here's a link to their search results page for "health insurance deduction for self employed individuals" One of the documents in the results should have the information you need. You can also call them if you have more questions. I've generally found the people at the IRS to be nice and helpful.

    Hope that helps.
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