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Old 12-21-2010, 05:00 PM
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LLC Deduct Health Insurance Premium

My husband owns a single-member LLC taking an S-Corp election for taxes. Can he take a deduction for health insurance premiums for self, spouse, & dependent for 2010? He paid the premiums outside the LLC.

If so what is the process? Can he deduct premiums up to his K-1 less 50% SE taxes? Does the LLC reimburse him then he takes a deduction on our 1040 or does the LLC need to include the reimbursement on his K-1? Thanks, Sandi


Last edited by SandiJ : 12-21-2010 at 05:02 PM.


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Old 02-01-2011, 02:42 AM
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Quote:
Originally Posted by SandiJ View Post
My husband owns a single-member LLC taking an S-Corp election for taxes. Can he take a deduction for health insurance premiums for self, spouse, & dependent for 2010? He paid the premiums outside the LLC.

If so what is the process? Can he deduct premiums up to his K-1 less 50% SE taxes? Does the LLC reimburse him then he takes a deduction on our 1040 or does the LLC need to include the reimbursement on his K-1? Thanks, Sandi
hi guys,,,
Reading your whole case my answer is in yes,your husband have to pay for it.If you are self-employed, you may be eligible to deduct premiums that you pay for medical, dental and qualifying long-term care insurance coverage for yourself, your spouse and your dependents. This health insurance write-off is entered on page 1 of Form 1040, which means you benefit whether or not you itemize your deductions.



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