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New Member
posted Jun 6, 2019 2:29:24 AM

I am self employed and receive Social Security. Where in the business section to I enter the Medicare Part B premiums that were deducted?

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3 Replies
Expert Alumni
Jun 6, 2019 2:29:26 AM

You can deduct your Medicare Part B payments on your Schedule C by following these steps in TurboTax Desktop:

  • Open your return
  • Under the Wages & Income section, click "Update" next to "Business Income & Expenses "Schedule C"
  • Click "Edit" next to your business
  • Walk through the TurboTax interview questions until you get to expenses
  • Click "Update" next to "All Other Expenses"
  • Input Self-Employed Health Insurance Premiums (It is the 6th Expense down)

Your Self-Employed Health Insurance Premiums should be shown on Line 29 of Schedule 1.  The amount should not be reported on Line 15 of Schedule C.  You can only deduct the premiums up to the amount of profit shown on your Schedule C.

Note: If you want these premiums to be part of the self-employed health insurance deduction, do not enter your Medicare premiums when entering the information from your SSA-1099 (Social Security Benefits).


Level 2
Feb 23, 2020 10:07:03 AM

I tried this in the 2019 Home & Biz, Turbo did not do anything with the deduction.  My total profit did not change!!!  Why?

Expert Alumni
Feb 23, 2020 10:30:48 AM

The self employed health insurance deduction does not show up on the Schedule C, it appears on Form 1040, Schedule 1, Line 15.  It does not affect your profit on Schedule C.

 

@loonmannh