Understanding Form 7206 and the Self-Employed Health Insurance Deduction Webinar

Description

Understanding who can claim the self-employed health insurance (SEHI) deduction isn’t always easy. The entity type and how the client obtained their insurance can greatly impact if they can claim the SEHI deduction and how to calculate it. In the past, tax professionals could use the Self-Employed Health Insurance Deduction Worksheet in Pub 535, Business Expenses, to calculate the SEHI deduction. However, beginning with 2023 tax returns, the IRS has added Form 7206, Self-Employed Health Insurance Deduction, to calculate the SEHI deduction. During this webinar, we will discuss who is eligible for the SEHI deduction and how it is calculated, as well as walk through a few scenarios to help illustrate how to complete the form.

Objectives

Upon completion of this course, you will be able to:

• Identify taxpayers eligible for the SEHI deduction

• Calculate the SEHI deduction

• Prepare Form 7206