Help with Self Employed Health Insurance Carry Over

Hi. My wife and I are self employed and have an LLC. 2023 was a bad year, so my net business income was below zero, so I couldn't deduct all of our health insurance premiums. My question is, can I carry this over to 2024 and deduct the 2023 un-deducted premiums? For example, I paid $10,000, but could only deduct $6,000. Can I deduct the $4,000 next year?

Thanks.

292

Level 15

Jan 5, 2024 12:10:40 PM

@Critter-3

Level 15

Jan 5, 2024 1:25:57 PM

Level 15

Jan 5, 2024 1:36:24 PM

No. The amount you couldn't deduct against your self employment income goes to Schedule A as a personal itemized deduction. If you don't have enough Schedule A to deduct then it is lost. Are you filling out Schedule Cs for each of you? Or filing a separate LLC partnership return? If your business had a loss then how could you deduct any of the insurance?

New Member

Jan 5, 2024 1:43:30 PM

Thanks for answering this for me. Solved

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Help with Self Employed Health Insurance Carry Over