I have an HSA (through my W2 employment, who does NOT offer LTC coverage). I also have separate 1099 income as a sole proprietor.
I know that HSA funds can be used to pay for LTC premiums (up to a certain $ amount per year based on age). I also know that LTC premiums can normally be deduced as a business expense for those who are self-employed (up to a certain $ amount per year based on age).
What I am unclear on is - if I were to pay for LTC premiums via my HSA, does that disqualify those premiums from also being deducted from Schedule C?
Thank you.
