Can a C corporation deduct long term care insurance on corporate officers? Since LTC insurance is treated as health insurance for the SE health insurance deduction, it seems to me the corp could likewise deduct premiums?
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Corporation deduct long term care insurance - officers?
Mar 12, 2005
6 Replies
Long term care would occur when and if the insured were unable to care for himself, right? And in that case, he would be of no practical use to the corporation as an offier, right? Therefore I can't see such premiums as being ordinary and necessary.
Oh, and this has nothing to do with SE healthy insurance deduction. ChEAr$, Harlan Lunsford, EA n LA Sat 12 Mar 2005
Yes.
-- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062
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They may be necessary to attract a qualified employee.
I'd think of it as similar to employee life insurance.
Stu
But could it be part of a non qualified retirement plan?
-- Frederick E. Jorden
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Midlothian Tpk - 207 Richmond, VA 23235-5247EMAIL snipped-for-privacy@bigfoot.com(804) 320-6210 FAX (804) 320-6211
Absolutely!
This is one that a lot of pros miss.
Gene E. Utterback, EA, RFC
Why not? Fringe benefit for an employee.
Agreed. If for no other reason that the officer isn't self employed for this purpose.
-- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062
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