Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
Caseman32
New Member

Are Medicare expenses deductible as both business expenses and also on Sched A

I followed the instructions to enter Medicare premiums as a business expense but they also flow directly to Sched A in Turbo Tax. I can't believe they are deductible twice.
1 Best answer

Accepted Solutions
MargaretL
Employee Tax Expert

Are Medicare expenses deductible as both business expenses and also on Sched A

Medicare expenses can only be deducted once, deducting as a business expense and as an itemized deduction would be "double dipping" which is not allowed. However, please read the note below, as you may be able to deduct the premiums as self-emploment deduction, which is more beneficial than deducting on Schedule A.

Note: Medicare premiums you voluntarily pay to obtain insurance in your name that is similar to qualifying private health insurance can be used to figure the deduction as self-employed Health Insurance deduction. You may be able to deduct the amount you paid for medical and dental insurance and qualified long-term care insurance for yourselfyour spouse, and your dependents if you were self-employed and had a net profit for the year reported on Schedule C.

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

View solution in original post

1 Reply
MargaretL
Employee Tax Expert

Are Medicare expenses deductible as both business expenses and also on Sched A

Medicare expenses can only be deducted once, deducting as a business expense and as an itemized deduction would be "double dipping" which is not allowed. However, please read the note below, as you may be able to deduct the premiums as self-emploment deduction, which is more beneficial than deducting on Schedule A.

Note: Medicare premiums you voluntarily pay to obtain insurance in your name that is similar to qualifying private health insurance can be used to figure the deduction as self-employed Health Insurance deduction. You may be able to deduct the amount you paid for medical and dental insurance and qualified long-term care insurance for yourselfyour spouse, and your dependents if you were self-employed and had a net profit for the year reported on Schedule C.

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

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v