Health Insurance Premiums

[tenderhearts]

I was temporarily closed from August -Dec., do I still claim all the premiums for the whole year or only for the months I was open Jan -July?

[TomCopeland]

health insurance premiums

I was temporarily closed from August -Dec., do I still claim all the premiums for the whole year or only for the months I was open Jan -July?

You cannot deduct health insurance premiums for yourself as a business expense unless you have set up an HRA (health reimbursement account). If you do have an HRA you can deduct these premiums even if you are closed for those months.

[tenderhearts]

I'm confused, I saw this on another site.

Health insurance: If you aren’t eligible to be covered by medical insurance through an employer, you can deduct 100% of the premiums for your own health insurance on Form 1040. However, you can’t use this deduction if you are eligible for health insurance through an employer, even if you decline to be covered under it and choose to buy your own insurance. If you set up a health reimbursement arrangement for your spouse you can deduct 100% of the insurance premiums on Schedule C, line 14.

[TomCopeland]

I'm confused, I saw this on another site.

Health insurance: If you aren’t eligible to be covered by medical insurance through an employer, you can deduct 100% of the premiums for your own health insurance on Form 1040. However, you can’t use this deduction if you are eligible for health insurance through an employer, even if you decline to be covered under it and choose to buy your own insurance. If you set up a health reimbursement arrangement for your spouse you can deduct 100% of the insurance premiums on Schedule C, line 14.

Sorry, I was think about an HRA. My fault. Yes, you can continue to deduct these premiums even though you were closed for a few months.

[tenderhearts]

Great thank you