Self-employed insurance premium

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  • AccTaxMan
    Senior Member
    • Apr 2007
    • 346

    #1

    Self-employed insurance premium

    Does the health plan have to be set up under the name of the business for it to be deductible?

    Taxpayer is self-employed but he couldn't get a company plan because the insurance company requires a minimum of two persons. So he had to set up the plan under his own name. can he still deduct the premium on Schedule C?
  • Lion
    Senior Member
    • Jun 2005
    • 4699

    #2
    Yes

    A sole proprietor can consider health insurance in his own name as set up under the company for purposes of self-employment health insurance rules. Page 5-10

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    • AccTaxMan
      Senior Member
      • Apr 2007
      • 346

      #3
      Originally posted by Lion
      A sole proprietor can consider health insurance in his own name as set up under the company for purposes of self-employment health insurance rules. Page 5-10
      Thank you.

      What about a partner who receives a K-1 from the partnership every year? He actively works there and he pays self-employment tax on the ordinary income. Can he deduct the premium of a health plan under his own name?

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