Tackling the Self-Employed Health Insurance Deduction

2 CPE for AFSP, EA, CFP®, CPA, CRTP     

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Understanding who can claim the self-employed health insurance (SEHI) deduction isn’t always easy. The entity type and how the taxpayer obtained their insurance can greatly impact whether they can claim the SEHI deduction and how to calculate it. Beginning with 2023 tax returns, the IRS has added Form 7206, Self-Employed Health Insurance Deduction, to calculate the SEHI deduction. During this session, we will discuss who is eligible for the SEHI deduction, show how it is calculated and walk through several scenarios to illustrate how to complete Form 7206.