Are Health Insurance Premiums Tax Deductible In Illinois?
95 POINTSview profileRobert WoodardPresident, Sage Insurance, Mattoon, IllinoisThey can be but it all depends on how you are filed with the state. Your best bet is to speak with an accountant regarding the viability of deducting these premiums. As an LLC filing as an S corp, for instance, the cost of your health insurance premiums is listed on your W2 as income thus it is not deductible in that scenario.Answered on August 30, 2013flag this answer
29 POINTSview profileThomas McGillLicensed Benefit Advisor, GoHealth,It's best to get expert advice from an accountant. You maybe eligible as a business owner but it's always best to get the advice from an expert. There is a series of questions when you file your individual taxes if your medical expenses are more than your AGI, I believe it's 7.5% of your income. Your tax preparer would have that exact answer.Answered on May 20, 2014flag this answer
Did you find these answers helpful?
Yes
No
Go!
Add Your Answer To This Question
You must be logged in to add your answer.
.JPG){kind=avatar}
