Solved: Is it correct to enter amounts deducted soc sec for medicare parts B,C,D as insurance expense on my schedule C? Or will this be counted twice?
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cacaogirl
New Member

Is it correct to enter amounts deducted soc sec for medicare parts B,C,D as insurance expense on my schedule C? Or will this be counted twice?

 
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MichaelMc
New Member

Is it correct to enter amounts deducted soc sec for medicare parts B,C,D as insurance expense on my schedule C? Or will this be counted twice?

Yes, if you are self-employed and eligible for the self-employed health insurance deduction, you can include your Medicare premiums in your self-employed health insurance deduction. It's a deduction on the front page of the 1040, line 29.  

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). When you go through the questions for your business expenses, enter those premium expenses for self-employed health insurance premiums.

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MichaelMc
New Member

Is it correct to enter amounts deducted soc sec for medicare parts B,C,D as insurance expense on my schedule C? Or will this be counted twice?

Yes, if you are self-employed and eligible for the self-employed health insurance deduction, you can include your Medicare premiums in your self-employed health insurance deduction. It's a deduction on the front page of the 1040, line 29.  

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). When you go through the questions for your business expenses, enter those premium expenses for self-employed health insurance premiums.

View solution in original post

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