Form 7206 is the form that you would use for the Self Employed ("SE") health insurance deduction. Line 1 allows you to enter the amount of your Medicare premiums and your wife's health insurance premiums. Your question is worded that you both are now paying the full premium for your wife's health coverage, which to me means she is not covered by employer provided health insurance.
In an overabundance of caution, and to cover all situations, if your spouse is covered by employer provided health insurance, which is subsidized by her employer, you would not be able to include any of her health insurance premiums on Form 7206. Also, if you are now being covered on your spouse’s employer provide health insurance in addition to Medicare, there would be coordination of benefits, and you would also not be able to deduct both her premium and any amount for your premium on Form 7206.
Thank you so much for the question @SteveA417
Be well and safe!
Marc T.
Turbo Tax Expert
27 Years of Experience Helping Clients
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