Yes, both your Medicare premiums and the premiums that you pay from your retirement income (assuming they are included in your taxable benefits), are eligible to be deducted as self-employed health insurance or as medical expenses.
Since you have a Schedule F and normally do not itemize, you should enter this as self-employed health insurance.
This is where you enter it:
- Select Federal on the left side menu.
- Click Wages & Income.
- Click Add/Edit to the right of your Farm entry.
- When you get to the Farm Summary, click Edit to the right of your Farm.
- Scroll down to Farm Expenses and click Start or Update to the right of Common farming expenses.
- Continue until you get to Report Health Insurance Premiums, enter your premiums here.
This deduction is subject to income limits, so if you have a loss on your farm, your deduction will be $0. Click here to learn more.
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