7206 Self-Employed Health Insurance Deduction

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Form

7206

Department of the Treasury
Internal Revenue Service

Self-Employed Health Insurance Deduction

OMB No. 1545-0074

2023

Attach to Form 1040, 1040-SR, or 1040-NR.
Go to www.irs.gov/Form7206 for instructions and the latest information.

Attachment
Sequence No. 206
Your taxpayer identification number

Name(s) shown on return

Note: Use a separate Form 7206 for each trade or business under which an insurance plan is established.

TREASURY/IRS
AND OMB USE
ONLY DRAFT
December 13, 2023
DO NOT FILE
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Enter the total amount paid in 2023 for health insurance coverage established under your business
(or the S corporation in which you were a more-than-2% shareholder) for 2023 for you, your spouse,
and your dependents. But don’t include the following. See instructions . . . . . . . . .

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• Amounts for any month you were eligible to participate in a health plan subsidized by your
employer or your spouse’s employer or the employer of either your dependent or your child who was
under the age of 27 at the end of 2023.
• Any amounts paid, directly or indirectly, from retirement plan distributions that were nontaxable
because you are a retired public safety officer.
• Any payments for qualified long-term care insurance (see line 2).
For coverage under a qualified long-term care insurance contract, enter for each person covered the
smaller of (a) or (b).
(a) Total payments made for that person during the year.
(b) The amount shown below. Use the person’s age at the end of the tax year.
$480— if that person is age 40 or younger
$890— if age 41 to 50
$1,790— if age 51 to 60
$4,770— if age 61 to 70
$5,960— if age 71 or older
Note: The amount of long-term care premiums that can be included as a medical expense is
limited by the person’s age. Don’t include payments for any month you were eligible to
participate in a long-term care insurance plan subsidized by your employer or your spouse’s
employer, or the employer of either your dependent or your child who was under the age of 27
at the end of 2023. If more than one person is covered, figure separately the amount to enter
for each person. Then enter the total of those amounts . . . . . . . . . . . . .
Add lines 1 and 2 . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Enter your net profit* and any other earned income** from the trade or business under which the
insurance plan is established. Don’t include Conservation Reserve Program payments exempt from
self-employment tax. If the business is an S corporation, skip to line 11 . . . . . . . . .
Enter the total of all net profits* from Schedule C (Form 1040), line 31; Schedule F (Form 1040), line
34; or Schedule K-1 (Form 1065), box 14, code A, plus any other income allocable to the profitable
businesses. Don’t include Conservation Reserve Program payments exempt from self-employment
tax. See the Instructions for Schedule SE (Form 1040). Don’t include any net losses shown on these
schedules
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Divide line 4 by line 5 . . . . . . . . . . . . . . . . . . . . . . . . . .
Multiply Schedule 1 (Form 1040), line 15, deductible part of self-employment tax, by the percentage
on line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subtract line 7 from line 4 . . . . . . . . . . . . . . . . . . . . . . . .
Enter the amount, if any, from Schedule 1 (Form 1040), line 16, self-employed SEP, SIMPLE, and
qualified plans, attributable to the same trade or business in which the insurance plan is established
Subtract line 9 from line 8 . . . . . . . . . . . . . . . . . . . . . . . .
Enter your Medicare wages (box 5 of Form W-2) from an S corporation in which you are a morethan-2% shareholder and in which the insurance plan is established . . . . . . . . . .
Enter any amount from Form 2555, line 45, attributable to the amount entered on line 4 or 11 above
Subtract line 12 from line 10 or 11, whichever applies . . . . . . . . . . . . . . .
Self-employed health insurance deduction. Enter the smaller of line 3 or line 13 here and on
Schedule 1 (Form 1040), line 17. Don’t include this amount when figuring any medical expense
deduction on Schedule A (Form 1040) . . . . . . . . . . . . . . . . . . . .

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* If you used either optional method to figure your net earnings from self-employment from any business, don’t enter your net profit from the business.
Instead, enter the amount attributable to that business from Schedule SE (Form 1040), Part I, line 4b.
** Earned income includes net earnings and gains from the sale, transfer, or licensing of property you created. However, it doesn’t include capital gain
income.
For Privacy Act and Paperwork Reduction Act Notice, see separate instructions.

Cat. No. 56399C

Form 7206 (2023)