Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
V
VinnyVinny
May 22, 2024
Question

LLC to pay for Monthly health insurance

  • May 22, 2024
  • 2 replies
  • 0 views

I have an LLC. can i pay my health insurance from this account?

 as well as Cell phone??  

2 replies

Jackstar221
Jackstar221
May 22, 2024

Health insurance "premiums" are tax deductible if you have a net profit on a schedule C.

 

Your personal health insurance cannot be written off directly on your schedule C.

 

You are also eligible for a deduction if you are a general partner, a limited partner who receives guaranteed payments, or a shareholder who owns more than 2% with wages from the S corp that are reported on the W-2.

 

Here is a TurboTax article about self-employed health insurance premiums:

https://turbotax.intuit.com/tax-tips/home-ownership/deducting-health-insurance-premiums-if-youre-self-employed/L6bRhLaVE 

 

 

Jackstar221
Jackstar221
May 22, 2024

You can also write off the business portion of your cell phone expense.

TurboTax Sign In Widget
TurboTax flag icon

Unlock tailored help options in your account

Create an account
TurboTax Expert Assist
TurboTax Expert

Get answers to all your tax questions

Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

Terms & ConditionsCookie settingsAccessibility statement
Intuit
TurboTax Credit Karma QuickBooks MailChimp

©1997-2022 Intuit, Inc. All rights reserved.
Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
of Intuit Inc. Terms and conditions, features, support, pricing, and service options
subject to change without notice.

Security Certification of the TurboTax Online application has been performed by
C-Level Security.

By accessing and using this page you agree to the Terms of Use.

Accessibility

TRUSTe nResult Certified e-File C-Level Security Certification