New Form for Self-employed Health Insurance Deduction

Self-employed health deduction form—Form 7206–will be used on 2023 income tax returns to claim this above-the-line deduction on returns for self-employed individuals and more-than-2% S corporation shareholders (it’s not a business deduction). The new form does not change the deduction; it merely makes it clear that it includes the cost of long-term care insurance (up to dollar limits based on age). #IdeaoftheDay