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Retirement tax questions
If you are self-employed, there is also the possibility of claiming the Medicare payments as a self-employed health-insurance deduction instead of as a Schedule A medical deduction. The amount that is claimed as a self-employed health insurance deduction cannot also be claimed on Schedule A line 1. You do that in TurboTax by omitting the Medicare premiums (or at least the portion of those claimed as a self-employed health insurance deduction) from the Medicare boxes when entering the SSA-1099.
‎January 10, 2021
10:26 AM