Theoretically, you can deduct the payments, but your business has to have a gain.
Yes, you can deduct your Medicare premiums if you're self-employed. There are two ways to do this.
The first is with the self-employed health insurance deduction. When you enter the expenses related to your self-employment, enter your Medicare premiums in the Less Common Expenses section (not the SSA-1099 section). This deduction will show up on Schedule 1, line 17.
To qualify, your Schedule C must show a net profit—this deduction isn't available if it shows a net loss. Also, if you (or your spouse if filing jointly) were eligible to participate in an employer's health plan during any given month—even if you declined the coverage—the premium you paid for that month can't be claimed under this deduction.
And that brings us to the second option. If you're unable to take the self-employed health insurance deduction for the reasons mentioned above, you may be able to deduct your Medicare premiums as a regular medical expense if you itemize (Schedule A). See this article for instructions.
