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I am self-employed and have 2 employees. can I claim medical

Customer Question
insurance deduction if both of...
I am self-employed and have 2 employees. can I claim medical insurance deduction if both of my employees are insured by their spouses?
Submitted: 1 year ago.Category: Tax
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Customer reply replied 1 year ago
deduct medical insurance
Answered in 10 minutes by:
7/9/2016
Tax Professional: emc011075, Tax adviser replied 1 year ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,339
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

You can only claim what you paid for. How is your business structured? Single member LLC, corporation or sole proprietorship?

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Customer reply replied 1 year ago
I am a sole proprietorship.
Tax Professional: emc011075, Tax adviser replied 1 year ago

Ok. If you pay medical insurance for your employees, you can deduct it on Schedule C (employer premiums). Medical insurance you pay for yourself and your family can be deducted as above the line deduction directly on 1040. But the deduction cannot be more than net profit from your business.

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Tax Professional: emc011075, Tax adviser replied 1 year ago

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

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Tax Professional: emc011075, Tax adviser replied 1 year ago

I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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Tax Professional: emc011075, Tax adviser replied 1 year ago

Yes, you can deduct the medical premiums on your 1040, first page, but only what you paid for yourself and your own family.

Medical insurance you paid for your employees will be deducted on Schedule C.

https://www.irs.gov/uac/newsroom/dont-miss-the-health-insurance-deduction-if-youre-self-employed

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Tax Professional: emc011075, Tax adviser replied 1 year ago

I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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