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Lev
Lev, Tax Advisor
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Can I deduct my health insurance cost for 2011 if I considered

Resolved Question:

Can I deduct my health insurance cost for 2011 if I considered self employed? I am a partner in a LLC partnership. The policy is in my name and I pay for it myself.

Thanks
Submitted: 5 years ago.
Category: Tax
Expert:  Lev replied 5 years ago.

LEV :

Hi and welcome to Just Answer!

LEV :

Yes - health insurance premiums for self-employed are deducted on form 1040, line 29 - http://www.irs.gov/pub/irs-pdf/f1040.pdf
See details and requirements in instructions - page 28 - http://www.irs.gov/pub/irs-pdf/i1040.pdf
Let me know if you need any help.

Customer:

I noticed from the publication that if the policy is in your own name and you pay the premium yourself, that the company needs to reimurse you for the amount paid. Is this correct?

Customer:

If so, could you the company reimburse you the amount in 2012 for the premiums paid in 2011?

Customer:

Or am I reading this wrong and it is o.k. to deduct the amount on line 29XXXXX

LEV :

I noticed from the publication that if the policy is in your own name and you pay the premium yourself, that the company needs to reimurse you for the amount paid. Is this correct?
See page 28 in instructions - http://www.irs.gov/pub/irs-pdf/i1040.pdf
If you are a partner, the policy can be either in your name or in the name of the partnership. You can either pay the premiums yourself or your partnership can pay them and report them as guaranteed payments. If the policy is in your name and you pay the premiums yourself, the partnership must reimburse you and report the premiums as guaranteed payments.
If so, could you the company reimburse you the amount in 2012 for the premiums paid in 2011?
Yes - if these are guaranteed payments for 2011.


Customer:

Thank you

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