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January 30, 2024
Question

Eligibility for Deducting Health Insurance Premiums as a Sole Owner of a LLC

  • January 30, 2024
  • 1 reply
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As the sole owner of an LLC, I'm exploring the possibility of deducting the health insurance premiums paid for a plan through my wife's university. To provide some context, my wife is a full-time graduate student and was not employed by the university. However, she received a fellowship from January to May 2023. During this period, we opted for the university-sponsored health insurance plan.

 

I'm aware that premiums for plans sponsored by a spouse's employer are generally not deductible. But given that my wife's situation is somewhat unique—receiving a fellowship rather than traditional employment—I'm unsure how this might impact the deductibility of the premiums we paid.

 

Could the premiums for the university health plan be considered a deductible expense for my self-employment business, even though the plan is not technically employer-sponsored in the traditional sense? Thank you in advance for your help.

 

    1 reply

    January 30, 2024

    The insurance has to be your policy for the self employed medical premium deduction.