17 – Here’s how different insurance premiums are handled while filing Return

For U.S. Tax (Form 1040 Filers) -Insurance Premium Form required 🧾

Filing U.S. tax return (Form 1040)? Here’s how different insurance premiums are handled while filing Return👇

✅ 1️⃣ Health Insurance (Buy from Marketplace / ACA)
Form: 1095-A
Use: File with Form 8962 (Premium Tax Credit)
Example: You bought a plan on Healthcare.gov → enter info from 1095-A in Form 8962.

✅ 2️⃣ Health Insurance (Provided by Employer / Private)
Form: 1095-B or 1095-C
Use: Keep for records only (not filed with 1040).
Example: You are covered by your employer plan — no deduction allowed.

✅ 3️⃣ Self-Employed Health Insurance
Form: No separate form
Use: Deduct on Schedule 1, Line 17 → flows to Form 1040, Line 10
Example: Freelancers can claim their own health premium as a deduction.

✅ 4️⃣ Medical / Dental Insurance (Itemized)
Form: Schedule A (Form 1040)
Use: Add under “Medical & Dental Expenses.”
Example: Deductible if total medical expenses > 7.5% of AGI.

✅ 5️⃣ Long-Term Care Insurance
Form: Schedule A (Form 1040)
Use: Include under medical expenses (subject to annual limits).

❌ 6️⃣ Life Insurance Premiums
Not deductible – for personal benefit only.

💡 Tip:
*Only Buy from Marketplace plans (Form 1095-A) directly affect your 1040 via Form 8962.

*Others may qualify as deductions, depending on your filing situation.