I am retired and have Federal Health Insurance and Medicare Part B coverage. My wife is self-employed. Can we deduct my Medicare Part B premiums on Form 7206?

Only your wife who is self-employed can claim her health insurance premium on form 7206 as self-employed health deduction.

 

The IRS says in this document page 1:

 

For self-employed individuals filing a Schedule C (Form 1040) or F (Form 1040), a policy can be either in the name of the business or in the name of the individual.

 

Your own health insurance and Medicare Part B premiums can be claimed as Medical expenses.

 

You can claim all medical and dental bills, prescription drugs and health insurance premiums paid out-of-pocket as Medical Expenses in Schedule A - Itemized Deductions.

 

The IRS has an extensive list of what you can and can’t deduct.

 

For tax year 2024, Medical Expenses are subject to the 7.5% rule and you can only claim the excess over 7.5% of your Adjusted Gross Income.

 

Please note that Itemized Deductions will only benefit your taxes when they exceed your standard deduction.

 

For tax year 2024, standard deductions are:

• $29,200 for married couples whose filing status is “married filing jointly” and surviving spouses;
• $14,600 for singles and married couples whose filing status is “married filing separately”; and
• $21,900 for taxpayers whose filing status is “head of household.”

The additional standard deduction for a blind taxpayer—i.e. a taxpayer whose vision is less than 20/200— and for a taxpayer who is age 65 or older at the end of the year is for each instance:

• $1,550 for married individuals; and
• $1,950 for singles and heads of household.

Here's how to enter medical expenses in TurboTax:

1. Open or continue your return.
2. Navigate to the Schedule A section:

• TurboTax Online/Mobile: Go to Schedule A.
• TurboTax Desktop: Search for Schedule A and then select the Jump to link.