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richmcln
New Member

Question about deducting health insurance premium through my self employment. With my wife's retirement last year, she and I now pay premiums for our

Since my wife's retirement last year, we now pay premiums for our medicare and our medicare supplement plans which are retirement benefits through our previous employers? Can I claims these payments as deductions from my part time business?
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DanielV01
Expert Alumni

Question about deducting health insurance premium through my self employment. With my wife's retirement last year, she and I now pay premiums for our

It depends.  There is a self-employment health care deduction which you may be able to claim, but it is not a direct deduction against self-employment income, but rather, is considered separately.  This is because the deduction does not reduce your self-employment tax, but does reduce your income tax.  Your out-of-pocket Medicare and medicare supplement premiums are deductible (as long as you are not covered by employer health coverage), up to the amount of self-employment income you report.

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DanielV01
Expert Alumni

Question about deducting health insurance premium through my self employment. With my wife's retirement last year, she and I now pay premiums for our

It depends.  There is a self-employment health care deduction which you may be able to claim, but it is not a direct deduction against self-employment income, but rather, is considered separately.  This is because the deduction does not reduce your self-employment tax, but does reduce your income tax.  Your out-of-pocket Medicare and medicare supplement premiums are deductible (as long as you are not covered by employer health coverage), up to the amount of self-employment income you report.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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