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Confused!! Am self employed senior and have health insurance from federal retirement. Can I deduct medicare premiums (line 29) deducted as part of social security?

 
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Confused!! Am self employed senior and have health insurance from federal retirement. Can I deduct medicare premiums (line 29) deducted as part of social security?

Medicare B premiums are typically automatically deducted from paid Social Security benefits.  They are deductible medical insurance expense and would be reported as deductible in a fashion similar to the premiums for a Medicare Advantage plan or a Medicare Supplement plan to Original Medicare.

The Form SSA-1099 issued to you at the beginning of January by the Social Security Administration will report the total of Medicare B premiums that were deducted from your Social Security benefits.

SPECIFIC and only TO ORIGINAL QUESTION by hootonjack  I am unclear about one thing you wrote: "have health insurance from federal retirement" - is this some additional insurance separate from Medicare, such as Federal Employee medical insurance?  That is, are you covered by more than one insurance plan?

If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67


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Confused!! Am self employed senior and have health insurance from federal retirement. Can I deduct medicare premiums (line 29) deducted as part of social security?

Yes - My federal insurance from retirement is my secondary insurance once Medicare kicked in.  So I pay for both This insurance as well as the Medicare premiums via Social Security.  Question is - Are the Medicare premiums paid through Social Security  deductable from my now self employment income??

Confused!! Am self employed senior and have health insurance from federal retirement. Can I deduct medicare premiums (line 29) deducted as part of social security?

YES Medicare deducted from your SS is deductible on line 29.  So don't enter it when you enter the SSA-1099 but enter it separately under the Business section.
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