Friday, January 21, 2011

Can I transfer my personal health insurance policy to be paid through my S corp?

Im the sole owner of an S Corp. I have a personal health insurance policy. Can I simply change the billing of my current policy to be paid through my corporation? Thanks
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I assume that you have a tax reason for wanting to do this. The instructions for Schedule C and Schedule C-EZ explicitly state that you are not allowed to deduct any payment for your own insurance on those schedules. Even if you change the billing, the only places where you can deduct it are Schedule A (itemized medical expenses) or the "self-employed" health insurance deduction on Form 1040.
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