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New Member
posted Mar 13, 2025 1:06:19 PM

Self- employed but receive social security

If I am self- employed but receive social security benefits, can I claim my medical premiums in my business expenses?

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2 Replies
Level 15
Mar 13, 2025 1:14:29 PM

Yes.  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.

 

Self-employed health insurance deduction goes on Form 1040 Schedule 1 line 17 (then to 1040 10), 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.

 

For Home & Business…..
On the Business tab Click on Business Income and Expenses Update
Click on Edit by your Business
Then under Business Expenses
Go to Other Common Expenses - Insurance Payments

Expert Alumni
Mar 13, 2025 1:17:15 PM

Medical insurance premiums, including Medicare, may be allowable as self-employed health insurance deductions if you are self-employed. The main requirement is that you can't be eligible to participate in a subsidized employer health insurance plan, either through your or your spouse's employer. You can learn more in this Intuit article. The deduction is from your income for income tax purposes, it is not a deduction on your business income and expense Schedule C, but you will enter the premiums in that self-employed section when you enter your business expenses: