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padcamp
New Member

This seems like a personal tax return. what about my owner company Superior Insurance Services, LLC ? prior returns asked way more questions. deducted health Insurance pa

 
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ChristinaS
New Member

This seems like a personal tax return. what about my owner company Superior Insurance Services, LLC ? prior returns asked way more questions. deducted health Insurance pa

If you have a single member LLC, everything is personal. You and your business are one for all intents and purposes. You file the Schedule C on Form 1040.

The expenses that are paid towards health insurance qualify for the Self-Employed Health Insurance deduction. This is an adjustment to income on line 29 of the 1040.

You can locate the SE Health questions within the Business area where your LLC reports its income and expenses.

Your medical expenses (copays, Rx, etc) are not a business expenses- you can only deduct the medical insurance, dental, and possibly long term care insurance towards the SE Health deduction. Your LLC income cannot include a subtraction for paying your personal medical expenses. These go under Deductions and Credits-Medical Expenses.

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ChristinaS
New Member

This seems like a personal tax return. what about my owner company Superior Insurance Services, LLC ? prior returns asked way more questions. deducted health Insurance pa

You are preparing a personal return if you are using TT Self Employed. Is Superior a multi member LLC or taxed as a corporation? Please explain.
padcamp
New Member

This seems like a personal tax return. what about my owner company Superior Insurance Services, LLC ? prior returns asked way more questions. deducted health Insurance pa

single member LLC. company pays health Insurance and expenses to me
ChristinaS
New Member

This seems like a personal tax return. what about my owner company Superior Insurance Services, LLC ? prior returns asked way more questions. deducted health Insurance pa

If you have a single member LLC, everything is personal. You and your business are one for all intents and purposes. You file the Schedule C on Form 1040.

The expenses that are paid towards health insurance qualify for the Self-Employed Health Insurance deduction. This is an adjustment to income on line 29 of the 1040.

You can locate the SE Health questions within the Business area where your LLC reports its income and expenses.

Your medical expenses (copays, Rx, etc) are not a business expenses- you can only deduct the medical insurance, dental, and possibly long term care insurance towards the SE Health deduction. Your LLC income cannot include a subtraction for paying your personal medical expenses. These go under Deductions and Credits-Medical Expenses.

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