Health Insurance and Umbrella

Can I deduct the cost of monthly premiums for health insurance and cost of a personal umbrella liability policy? Currently a single member LLC. Thank you

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3 Replies

Health Insurance and Umbrella

As a single member LLC you can take a deduction for the umbrella liability product and the health insurance would be an adjustment to income as self employed health insurance on your Form 1040

Health Insurance and Umbrella

Does this deduction apply to 1099 workers with government marketplace insurance premiums? @dburns1

Health Insurance and Umbrella

Yes you can still take the self-employed health insurance deduction if you have Marketplace insurance.

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