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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3002
Experience:  IRS licensed Enrolled Agent and tax instructor
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I am self-employed and have 2 employees. can I claim medical

Customer Question

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
Customer: replied 1 year ago.
deduct medical insurance
Expert:  emc011075 replied 1 year ago.

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?

Customer: replied 1 year ago.
I am a sole proprietorship.
Expert:  emc011075 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.

Expert:  emc011075 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?

Expert:  emc011075 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.

Expert:  emc011075 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

Expert:  emc011075 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.