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MtnMatt
Level 1

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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‎November 13, 2024 9:34 AM
last updated ‎November 13, 2024 9:34 AM
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dburns1
Employee Tax Expert
Employee Tax Expert

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

‎November 13, 2024 10:00 AM
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law_tax2017
Level 1

Health Insurance and Umbrella

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

‎November 13, 2024 10:13 AM
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dburns1
Employee Tax Expert
Employee Tax Expert

Health Insurance and Umbrella

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

‎November 13, 2024 10:40 AM
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