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tzgyg0
New Member

Can Medicare and Advantage plan premiums be claimed on Schedule C?

Since 2008 I've been retired and self employed. Prior to 2017 my wife and I were covered by a company health plan which I paid part of the premium, which I believe was not deductible being a company provided plan. During 2017 we both turned 65 and were dropped from that plan and started Medicare with an Advantage plan. Being self employed can I take these new premiums as a deduction on Schedule C now?

1 Best answer

Accepted Solutions
DanO
New Member

Can Medicare and Advantage plan premiums be claimed on Schedule C?

Yes, you can deduct the cost of the premiums for you and your spouse since neither of you has coverage from an employer.

You can use TurboTax Self-Employed to enter the premiums as an expense to your business.

When you are in TurboTax:

  • Click on Federal from left column 
  • Edit/Add your business or Review if business is already added
  • Click on Add expenses for this work
  • Scroll down to Less common expenses
  • Click Health insurance premiums then Continue
  • Add your information

View solution in original post

1 Reply
DanO
New Member

Can Medicare and Advantage plan premiums be claimed on Schedule C?

Yes, you can deduct the cost of the premiums for you and your spouse since neither of you has coverage from an employer.

You can use TurboTax Self-Employed to enter the premiums as an expense to your business.

When you are in TurboTax:

  • Click on Federal from left column 
  • Edit/Add your business or Review if business is already added
  • Click on Add expenses for this work
  • Scroll down to Less common expenses
  • Click Health insurance premiums then Continue
  • Add your information
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