Jackie S asked: We used to have individual health insurance, and I would pay for it out of my own company (an S Corp). When we got insurance through my husband’s employer, I stopped reimbursing myself.
He is paid for by the company, and then it costs extra to add myself and our child.
I was [...]
See below for the full article.
added by World's Best with
3 comments.
Read more articles on health insurance.
I was just going to deduct health insurance premiums on our Sch A, but we don’t have enough other medical expenses to meet the limit.
Is it ligit to go ahead and reimburse myself the amount that it cost for the health insurance? Then it would be a business expense. Thanks.
Written by World's Best on May 25th, 2008 with
3 comments.
Read more articles on health insurance.
Read the comments left by other users below, or:
taxreff
#2.
May 30th, 2008, at 11:42 PM.
Once again, VB gives the correct answer. While the IRS has recently expanded the definition of the “established in the company name” standard, since the policy comes from your husband’s employer it still does not qualify.
As a side note, officer health insurance cannot be directly deducted by an S corporation for more than 2% owners. There is a convoluted method used to get the deduction, but again you would not qualify.
JAMES W
#3.
June 3rd, 2008, at 7:46 AM.
I wish my advice could be helpful.And here is a good resource.Check it up.http://insurance.online-assistant.info/business-insurance.html
If you want to leave your comment on this article, simply fill out the next form:
You can use these XHTML tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong> .
|
#1. May 27th, 2008, at 11:57 PM.
No.
The insurance through your husband’s employer does not meet the test of having been established through the S-corp.