I know it's confusing to explain. We are filing married filing jointly. He has self employment income reported on Schedule C for his own business and is claiming a deduction for Medicare insurance premiums paid in 2023 for both him and me. I, too, have self employment income for my own separate business reported on a Schedule C. Does this mean that because we both have self employment income even though one business is in his name and one is in my name, he has to fill out Form 7206 and include both of our net profits on line 5?
