You can deduct your Medicare premium but not on Schedule C.
enter the insurance premiums, you will do as follows:
- Go to the Business category.
- Go to the Business Income and Expense subcategory.
- Choose the option "I'll choose what I work on"
- On the screen labeled "Let's gather your business info", find the section labeled "Less Common Business Situations".
- Click start or update next to the line labeled Self-employed Health Insurance.
Be sure not to include those premiums when reporting your social security since you can’t use the same expense for a medical expense deduction on Schedule A. Note that you can also deduct medicare premiums paid for your spouse. However, if you or your spouse have access to an employer-subsidized health insurance plan through a job—even if you choose not to enroll—you're not eligible for this deduction.
