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pde2301
New Member

Can I deduct my Medicare Part-B and Advantage Plan premiums for me and my wife as a sole proprietor of a side gig in retirement, ?

 
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DavidD66
Expert Alumni

Can I deduct my Medicare Part-B and Advantage Plan premiums for me and my wife as a sole proprietor of a side gig in retirement, ?

Yes.  In order to take the deduction your "side gig" will have to have a profit.  Your deduction is limited to smaller of your health insurance or your business' profit.  You cannot deduct your Medicare payments as self-employed health insurance and also as an itemized deduction for medical expenses on Schedule A.  

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