Question

Deduction of Health Insurance Premium for Retiree Medical Plan

Forum|Forum|5 years ago
February 20, 2021
1 reply
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I am retired but have an LLC which I do some consulting under. As a retiree, I am eligible for and obtain retiree medical insurance through my previous employer for my wife and I and pay a monthly premium for this. The health insurance plan was not set up by me for my business. Can I deduct the premiums I paid for my retiree medical premiums? Or would I only be able to deduct the premium for and insurance plan I set up through the LLC. Thank you.

TurboTax Self Employed Online

ColeenD3

You can deduct it as an Itemized Deduction as a medical expense on Schedule A, but not as a self-employed health insurance. You are still covered by your previous employer. The insurance plan must be established, or considered to be established as discussed in the following bullets, under your business.