I’m looking for every tax advantage possible and was just re-reading the section on “Medical Expenses”… Im 72 and received $5000 for writing last year. I have $1640 in Medicare B and D “premiums” and TT states that under Business Expenses>common expenses>insuraance payments, “you can deduct up to 100% of health insurance … for you, spouse and dependents if you are self-employed, etc and show a profit. We are both self-employed (my spouse’s insurance premiums are deductible), but I just saw the note in TT “Medicare B and Medicare D premiums should be entered here instead of the SS Benefits section.”
So, do I delete those two line items out of the SS worksheet, and move the total added to my spouse’s premiums on the Self employment insurance premium line on 1040?
In addition: On the Social Security Worksheet the information notes that if self-employed, enter premiums on the business actiity form (Schedule C, F, etc) not on Lines C, D and E above.
So, do I also remove medicare part C and add that to my self employed insurance as well?
And if this is the case, I really need to file amended returns for about three years 🙂
