Deduct healthcare premiums for LLC

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bchezek
bchezek Member Newcomer
in Credits/Deductions

What do I have to do to deduct my healthcare premiums from my small business llc

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Answers

  • JMSSGV
    JMSSGV Member Level 5
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    Enter it into the software in the appropriate place.

    Or are you asking if you qualify to claim this as a deduction?

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  • CorinaE
    CorinaE FreeTaxUSA Agent
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    Hi!

    If you have a single member LLC, you can enter your information on your Schedule C in the software to see if you qualify for this deduction.

    You can access this area by clicking 'Income' > 'Business Income (Schedule C)'. When you reach the selection page you'll be able to click 'Edit' or 'Start' on the Health Insurance section under the "Expenses and Assets" header.

    This is where you'll enter information for health insurance premiums that you paid for yourself and your family. This is also where you'll enter information for the Credit for Small Employer Health Insurance Premiums and any long-term care insurance coverage you had for 2023.

    Hope this helps!

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  • Connieg
    Connieg Member Newcomer
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    I have an s-Corp, 100% shareholder so qualify to deduct my health insurance premiums not covered by the APTC. Where do I enter this expense? I have this sum deducted from my total wages (Box 1 W-2) so my SS/medicare wages (Box 3& 5) are Box 1 minus this expense on my W-2.

    Thanks

    Connieg

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  • MatthewD
    MatthewD FreeTaxUSA Team
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    Hi Connieg,

    When you enter your K-1 from you Scorp, make sure you answer Yes that you answer Yes to the question, "Do you have health insurance or long-term care insurance through policies established under this S corporation?" Then as you proceed in the Scorp section, enter your wages and health insurance costs that were not covered.

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