Yes. If you are self-employed and eligible for the
self-employed health insurance deduction, you can include your Medicare
premiums in your self-employed health insurance deduction. It's a deduction on
the front page of the 1040, line 29.
If you want these premiums to be part of the
self-employed health insurance deduction, do not enter your
Medicare premiums when entering the information from your SSA-1099 (Social
Security Benefits). When you go through the questions for your business
expenses, enter those premium expenses for self-employed health insurance
premiums.
To add the self-employed health
insurance to your return:
·
Type self-employed health insurance deduction in the search
bar.
·
Click Jump to self-employed health insurance deduction. See the
screenshot below.
·
Continue the onscreen interview until you get to the Enter Your
Business Expenses, choose Self-Employed Health Insurance Premiums.
See the screenshot below.
(See the attached screenshot below. Click to
enlarge.)
Some extra info:
If you or your spouse could participate (even
if you declined coverage) in an employer's health plan at any time during a
given month, you can't take the deduction for that month. However, payments for
those months are deductible on Schedule A if you itemize deductions.
If you don't have a profit on your Schedule
C, you won't get the self-employed health insurance deduction. Remove
your Medicare premiums from your Schedule C and enter them with your Social
Security information. TurboTax will transfer the amounts to your Schedule A,
medical expenses.
Unfortunately, you can't include any insurance premiums paid by an employer-sponsored health insurance plan unless the premiums are included on your 1099-R (retirement Benefits) or Form W-2, Wage and Tax Statement as taxable income.
Example.
You are a federal employee or retiree participating in the premium conversion plan of the Federal Employee Health Benefits (FEHB) program. Your share of the FEHB premium is paid by making a pre-tax reduction in your income. Because you are an employee whose insurance premiums are paid with money that is never included in your gross income, you can't claim the premiums paid with that money.
