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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: tenant13 on February 15, 2019, 09:33:45 AM

Title: Can I write off ACA premiums as a business loss?
Post by: tenant13 on February 15, 2019, 09:33:45 AM
So I'm kind of FIREd but since I'm a freelancer and a friend begged me to help out for a few weeks I picked up a short term gig. But I will be paid with regular W-2, not 1099. The gig will be too short to get the insurance through the employer so I'll have to get Obamacare (NJ passed the individual mandate law) - which was the intention anyway (or Medicaid if I don't work at all). I used to do quite a lot work as one person LLC but the labor laws have changed so for the last 2 years it's been all W-2s. Here's the question: I never dissolved that LLC; could I claim my health insurance premiums as a loss and write it off my W-2 income (since my LLC income will be 0)? It's one return under the same SSN.