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I need to know whether I can deduct my health insurance

I need to know...

I need to know whether I can deduct my health insurance costs from my general partnership schedule C.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My husband works for a small startup that does not offer insurance. I own a small business (partnership) that made a profit this year. We bought health insurance last year directly from Anthem. Can I deduct this even though he is the primary insured and I'm the spouse, or would I have to be the primary insured to deduct it?

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I think that's it

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3/15/2018
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. I am prepping my response, which I will provide to you in the next thread(s).

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In brief, you will not be able to deduct the health insurance. SEE BELOW:

---------------------------------

There are also some rules that apply to how the insurance plan is established. Follow these guidelines to make sure the plan qualifies:

  • If you’re self-employed and file Schedule C, C-EZ, or F, the policy can be in your name or in your business’ name.
  • If you’re a partner, the policy can be in your name or the partnership’s name and either of you can pay the premiums. If the policy is in your name and you pay the premiums, the partnership must reimburse you and include the premiums as income on your Schedule K-1.
  • If you’re an S corporation shareholder, the policy can be in your name or the S corporation’s name and either of you can pay the premiums. If the policy is in your name and you pay the premiums, the S corporation must reimburse you and include the premiums as wage income on your Form W-2.

REFERENCE SOURCE:

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

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