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Level 3
posted Feb 14, 2023 3:27:22 PM

Medicare and supplimental premiums on Schedule C

I had 1099 NEC reportable income this year. This was also my first full year on Medicare. Can both my wife's and my medicare, supplimental and Part D premiums be deducted as an expense on schedule C to offset freelance income earned?  

0 3 538
3 Replies
Expert Alumni
Feb 14, 2023 3:39:07 PM

Yes, but only the premiums for the months that you were actively working as self-employed.  For example, if you worked as self-employed the months of February, March, and April, and then July, September, and November, then you can deduct six months of Medicare, Medicare Supplement, and Medicare Part D premiums.  

Level 3
Feb 14, 2023 3:48:38 PM

So if I was activly working on the project Jan-July, I can only claim 7 months of medicare premiums not the entire year? Is that correct?

Expert Alumni
Feb 14, 2023 4:11:52 PM

Yes, that is correct. And you can't write off more in health insurance premiums than you earned.

 

@booshebach1