I am a statutory employee and my company does not offer Medical Insurance. My wife has an employee sponsored policy but had to pay a significant amount to add me to her policy. Can I deduct that amount on my Schedule C?
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Unfortunately, no. If you or your spouse could participate (even if you declined coverage) in an employer's health plan at any time during a given month, you cannot take the deduction for that month. However, payments for those months are deductible on Schedule A if you itemize deductions and the premiums were paid with post-tax funds.
Unfortunately, no. If you or your spouse could participate (even if you declined coverage) in an employer's health plan at any time during a given month, you cannot take the deduction for that month. However, payments for those months are deductible on Schedule A if you itemize deductions and the premiums were paid with post-tax funds.
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