turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cunninbw
Returning Member

Deducting Medicare Part B premiums as a self employed business expense

I am retired and receive subsidized health insurance through my former employer, but am now self employed. While I can't deduct those premiums as a business expense, can I enter my medicare part B premiums as as a self employed business expense? I have looked through several discussions about deducting health insurance premiums but can't find this specific answer.

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

5 Replies

Deducting Medicare Part B premiums as a self employed business expense

Medicare plan B payments are qualified as Self-employed medical insurance premiums and should be entered under Business instead of in the SSA-1099 Social Security Benefits section.

 

Go back and delete it from the SSA-1099 entry screen. Try going to the search box by My Account and type in Social Security Benefits. That will give you a Jump To link to take you directly to it.

OR
Enter a SSA-1099, SSA-1099-SM or RRB-1099 under
Federal Taxes tab
Wages and Income tab
Choose Explore on my own or I'll choose what to work on (if it comes up)

Then scroll down to Retirement Plans and Social Security
Social Security (SSA-1099. RRB-1099) - click the Start or Update button

 

Then under Business Expenses, Click Start or Update by Other common business expenses
Then click Update by Insurance Payments
Then click Update by Health Insurance Premiums

 

Self-employed health insurance deduction goes on Form 1040 Schedule 1 line 16 (then to 1040 8a), as long as the expense is not greater than your net self-employment income. If it does exceed your net self-employment income it gets split automatically. An amount equal to your net self-employment income goes on Form 1040 and the remainder gets added in to medical expenses on Schedule A.

 

cunninbw
Returning Member

Deducting Medicare Part B premiums as a self employed business expense

So even though I get insurance through my former employer, and can't deduct what I pay for that, I can still deduct my Medicare B premiums? 

Deducting Medicare Part B premiums as a self employed business expense

Yes.

Deducting Medicare Part B premiums as a self employed business expense

Per your previous instructions as pasted below, I have no "Business Expenses " after hitting Update for SSA-1099, this that is not available to place my Part B premiums. Premier CD Version .  I am told this expense is a valid business expense for rental income received on schedule E (not schedule C).

 

Then scroll down to Retirement Plans and Social Security
Social Security (SSA-1099. RRB-1099) - click the Start or Update button

 

Then under Business Expenses, Click Start or Update by Other common business expenses
Then click Update by Insurance Payments
Then click Update by Health Insurance Premiums

Deducting Medicare Part B premiums as a self employed business expense

I do t think you can deduct it against Schedule E income.  Just schedule C.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies