Question : Can I reimburse myself health insurance costs from my company?
We used to have individual health insurance, and I would pay for it out of my own company (an S Corp). When we got insurance through my husband's employer, I stopped reimbursing myself.He is paid for by the company, and then it costs extra to add myself and our child.I was just going to deduct health insurance premiums on our Sch A, but we don't have enough other medical expenses to meet the limit.Is it ligit to go ahead and reimburse myself the amount that it cost for the health insurance? Then it would be a business expense. Thanks.
- asked by Jackie S
All Answers:
Answer #1
No. The insurance through your husband's employerdoes not meet the test of having been establishedthrough the S-corp.
- answered by v b
Answer #2
Once again, VB gives the correct answer. Whilethe IRS has recently expanded the definition ofthe "established in the company name" standard,since the policy comes from your husband'semployer it still does not qualify.As a side note,officer health insurance cannot be directlydeducted by an S corporation for more than 2%owners. There is a convoluted method used to getthe deduction, but again you would not qualify.
- answered by taxreff
Answer #3
I wish my advice could be helpful.And here is agood resource.Check itup.
http://insurance.online-assistant.info/business-insurance.html
- answered by JAMES W
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