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Level 1
December 19, 2021
Question

I traded over $1M in stock options last year and made over $200k. Does this qualify as self employed income (over 2,000 trades)?

  • December 19, 2021
  • 3 replies
  • 17 views
I'd like to write off the increased medicare premiums as a result of my increased income from trading options.

3 replies

Critter-3
Level 15
December 19, 2021

Read up on the rules here :  https://www.irs.gov/taxtopics/tc429

fanfare
Level 15
December 19, 2021

a higher Part B or Part D premium (IRMAA) is not a business expense.

you probably won't be able to deduct it on schedule A either even if you itemize because your AGI is too high

Congratulations on profitable option trading strategy.

Critter-3
Level 15
December 19, 2021

He may be referring to the self employed health insurance adjustment on the1040   not a Sch C expense.