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Rakhi Vasavada
Rakhi Vasavada , Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4420
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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With regard to deducting health insurance premiums for the

Resolved Question:

With regard to deducting health insurance premiums for the self-employed: the IRS code states that self-employed ins. premiums are tax deductible except "if you were eligible to participte in a subsidized group health insurance plan provided by your or your spouse's employer." My spouse is retired. Her former employer offers partially subsidized health insurance for retirees. Question: Are my self-employed health insurance premiums tax deductible in this scenario? My spouse, again, is no longer employed and has chosen to be on my plan.
Submitted: 2 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 2 years ago.

Rakhi Vasavada :

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

Rakhi Vasavada :

YES, in your scenario, your insurance premium would be deductible. You have interpreted the IRS Code correctly. You can definitely deduct your health insurance premium under your current circumstances.

Rakhi Vasavada :

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we receive credit for assisting you. Alternatively, please feel free to revert back with a reply if you need further assistance and I would be more than happy to assist you further.

Warm Regards,

Rakhi Vasavada and 2 other Finance Specialists are ready to help you
Customer: replied 2 years ago.
Just to clarify: The health insurance premiums I pay for my spouse and I through my self-employed business are tax deductible even though her former employer offers a subsidized plan for retirees. Is this correct?

Ken
Expert:  Rakhi Vasavada replied 2 years ago.
Dear XXXXX,

Hello and welcome again. Thank you for your follow up.

Yes, that is correct. The premiums would still remain tax deductible.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we receive credit for assisting you. Alternatively, please feel free to revert back with a reply if you need further assistance and I would be more than happy to assist you further.

Warm Regards