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JQ6
Level 2

Self employed, over 65, taking healthcare insurance premium deduction

I'm self employed, over 65 and on Medicare. Turbotax walked me though the business section and said I could take 100% of my healthcare insurance premium as deduction. Questions:

 

  • I'm on original Medicare, can I take 100% of my Part B, Part D and Supplemental Insurance premium deduction (It did say if Medicare is excluded) ?
  • I worked all year but was mostly active about 6-8 months of the year. I was paid for my service as one 1099-NEC for the entire year.  Can I take the full year of insurance premium deduction? Turbotax did not specify to prorate and only calculate for the months I was actively engaged. As I mentioned, my client work was on a lumpsum contact basis and received only one 1099-NEC.

Thanks for your help!   

 

 

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1 Best answer

Accepted Solutions
Vanessa A
Employee Tax Expert

Self employed, over 65, taking healthcare insurance premium deduction

Yes, you can claim your original Medicare Premiums, Part B, Part D and the Supplemental insurance

Yes, you can take the deduction for the full year since you were self-employed for the full year.  Even if your work was not equally done throughout the year, you are still able to claim the medical expenses for the full year. 

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1 Reply
Vanessa A
Employee Tax Expert

Self employed, over 65, taking healthcare insurance premium deduction

Yes, you can claim your original Medicare Premiums, Part B, Part D and the Supplemental insurance

Yes, you can take the deduction for the full year since you were self-employed for the full year.  Even if your work was not equally done throughout the year, you are still able to claim the medical expenses for the full year. 

**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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