Medicare B Premium deduction

[GR50]

Self employed 3 months in 2020, do I deduct only 3 months of medicare B premiums as long as this deduction does not exceed income?

[ThomasM125]

If you are not eligible for health insurance coverage through an employer or spouse's employer, then you can deduct the Medicare premiums as self-employed health insurance.

[GR50]

I know I can deduct medicare b premiums, but am I limited to only 3 months premiums to offset 3 months of self employed income? Thank you

[GloriaL]

Yes, since you were self-employed for three months, you should prorate the Medicare premiums and take the portion that covers those three months.

To enter your self-employed insurance payments:

1. Open your tax return, search for business expenses.
2. Click the Jump to link at the top of your search results.
3. You will see Here's the business info we have so far screen, click Edit next to your business.
4. Proceed to the Your Business screen and scroll down to the Business Expenses section.
5. Click Start or Update next to Other Common Business Expenses.
6. On the Let's write off some business expenses screen, click Start or Update next to Insurance Payments.

@GR50