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cwherndon
Returning Member

Can I deduct medicare health premiums in self employed business expenses and also in personal expenses?

 
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CathiM
New Member

Can I deduct medicare health premiums in self employed business expenses and also in personal expenses?

No, you can't deduct them in both places.  Medicare premiums can be used as self-employed health insurance premiums, which often gives taxpayers the bigger break.  See which place gives you the most deduction. They come directly off your income as self-employed health insurance, whereas Schedule A medical expenses are limited by 7.5% of AGI.

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2 Replies
CathiM
New Member

Can I deduct medicare health premiums in self employed business expenses and also in personal expenses?

No, you can't deduct them in both places.  Medicare premiums can be used as self-employed health insurance premiums, which often gives taxpayers the bigger break.  See which place gives you the most deduction. They come directly off your income as self-employed health insurance, whereas Schedule A medical expenses are limited by 7.5% of AGI.

Can I deduct medicare health premiums in self employed business expenses and also in personal expenses?

thank you.

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