Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Dec 19, 2021 9:54:34 AM

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

I'd like to write off the increased medicare premiums as a result of my increased income from trading options.

0 3 992
3 Replies
Level 15
Dec 19, 2021 11:17:56 AM

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

Level 15
Dec 19, 2021 1:00:47 PM

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.

Level 15
Dec 19, 2021 1:03:11 PM

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