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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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Old 04-01-2012, 09:01 PM
mickey2854
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Default Question About Paying For Spouse Health Insurance

I have a question I'm hoping someone can help with. This is the first year I have across the fact that my husband (who is also self-employed in real estate) is showing a loss for the year. Because of this, it will not give him the deduction for his self-paid health insurance, which is rather pricey.

Here is my question. I am showing a positive balance for my daycare. Can I claim the health-insurance that was paid for my husband under the daycare side of things? It was paid out of our joint checking account, and I was under the impression when it asked for how much was paid for health insurance it was for the family, not just a single person. I hope that makes sense. Thanks for any help!

Michelle
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Old 04-02-2012, 10:55 AM
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TomCopeland TomCopeland is offline
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Default Health insurance

Since you and your spouse are both self-employed you can both deduct your health insurance premiums on Form 1040, line 29. However, if your total income (Form 1040, line 22) is a loss (the combined loss from his business and the profit from your business) - you can't claim the health insurance premium deduction. If your total income is a profit, then you can claim the insurance premium (to the extent that it doesn't create a loss).

Health insurance costs are not deductible to you as a business expense (it was deductible in 2010, but not for 2011).
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