This is the 1st time I have taken Medicare B and N deductions on my 2025 taxes. I just learned that I could. Is there any way to take these deductions going back now 4 years when I enrolled in Medicare? I am self employed. Every little bit of deduction helps. Thank you. Steven F.
You'll need to sign in or create an account to connect with an expert.
Yes, mostly. You can go back and amend your returns for the prior 3 years to claim the Self Employed Health insurance deduction. You have three years after the date your filed your original return or 2 years after the date you paid the tax, whichever is later, to amend your return. So if you filed all of your returns on time, you would not be able to do the one from 2021 or before to claim a refund.
For your 2022 return, assuming it was filed and paid on time, you would need to Amend it by April 15, 2026 in order to claim a refund.
However, prior to amending, be sure you did not claim this deduction without knowing it. If you entered your SSA-1099 into TurboTax, and it included Medicare Premiums, it may have transferred to your business. You would find this on Schedule 1 Part II line 17 for 2024 if you were given the deduction. This does NOT show on Schedule C. It is an above the line deduction on Schedule 1. You may also see form 7206 for 2023 and 2024. Medicare B may have been transferred, but your Medigap premiums, you would have had to enter.
Also note, that your self-employed health insurance deduction is limited to your profit. It cannot create a loss.
Deducting Health Insurance Premiums If You're Self-Employed
Vanessa,
Thank you very much for the detailed response! , I will double check to see if I have taken unaware. Steven.F
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
tzoo2
New Member
Paul K
Returning Member
Beavis-1960
New Member
martoro
Level 2
edungar
New Member