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Question

Can I deduct the EXTRA cost my wife has to pay for insurance premiums to cover me on her employer plan IF I am self-employed?

Forum|Forum|1 year ago
April 23, 2024
1 reply
0 views

I have just formed an LLC to start consulting. I lost my previous job at the end of Jan 2024 and my put me on her insurance (we had both been on my prior company's insurance until Feb 1 2024). To add me, she has to pay an additional premium per paycheck for medical, dental, and vision. Now that I am self-employed, can I deduct the amount EXTRA she has to pay to put me on her insurance if I stay on her plan?

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No. You cannot claim the health insurance on your Schedule C for self-employment. The insurance premiums paid under your spouse's insurance can only be deducted as an itemized deduction on Schedule A of your jointly filed tax return.