I wife and I are retired and receiving Social Security benefits. I am consulting part-time operating as a sole-proprietorship under my name. I understand I may be able to deduct the amount I paid for medical and dental insurance for my spouse and I. I see the IRS states that the "Insurance plan must be established, or considered established, under your business." My wife and I secured our Medicare coverage, Medigap and dental insurance plans prior to my securing business engagements. I have five questions about our using the self-employment health insurance deduction: 1.) What is required for our health and dental insurance plans to be considered established under my business? 2.) Are the Standard Medicare Premiums deducted by SSA deductible? 3.) Is the income-related monthly adjustment amount (IRMAA) deducted by SSA deductible? 4.) Are our Madigap insurance premiums deductable? 5.) What percentage of these premiums are deductible?
