@VolvoGirl Said:
Is that the box from clicking Learn more? That's what the Help says.
Yes, the text in the large red box on the right side of the image I posted is the help content that pops up from clicking “Learn More”
@VolvoGirl Said:
Is the Medicare deducted from your Social Security? Medicare plan B payments are qualified as Self-employed medical insurance premiums and should be entered under Business instead of in the Social Security Benefits entry area. So go back and take it off your SSA-1099 entry.
No, I haven’t started drawing Social Security retirement benefits yet so I didn’t get an SSA-1099.
@VolvoGirl Said:
And Self Employed health Insurance does not go directly on Schedule C so it will not reduce your Net Profit or self employment tax.
Yes, I was surprised to see that Self-Employment taxes were calculated on Schedule C income before deducting Medicare premiums.
@VolvoGirl Said:
If your health ins exceeds your net self-employment income it gets split. An amount equal to your net self-employment income goes on Form 1040 Schedule 1 line 17 (then to 1040 line 10) and the remainder gets added in to medical expenses on Schedule A.
My Medicare and supplemental primiums are larger than what can be deducted. So, thank you for pointing out that the excess automatically flows to Schedule A.
