I am affiliated with a pass-through LLC which is an opportunity for me to get consulting business. The clients pay the LLC. The LLC keeps a previously agreed-upon percentage and pays me the rest. The LLC reports my income on a 1099-NEC. I receive no other benefits from the LLC -- it doesn't contribute to a retirement plan, it provides no insurance, it doesn't withhold anything (taxes, etc) from the money.
I have two questions:
- Am I considered "self-employed" in this circumstance? I see that Turbotax lists my income from this consulting work on Schedule C. I think the answer is "yes" but I would appreciate confirmation.
- Can I deduct my Medicare premiums as expenses? The answer depends on whether/how I am considered self-employed. (Medicare is my primary health insurance.)
Thanks to all!
