Can self-employed people deduct spouse's Medicare insurance premiums
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Can self-employed people deduct spouse's Medicare insurance premiums

 
3 Replies
Intuit Alumni

Can self-employed people deduct spouse's Medicare insurance premiums

Yes , as long as there is a net profit for your business. 

The following information is an excerpt from the TurboTax help content and it explains this topic in more detail:

Health Insurance Coverage

You can deduct up to 100% of health insurance premiums for you, your spouse and your dependents if you are self-employed and have a net profit from the business for which you created the plan.

Include health insurance premiums you made for your dependents who were under age 27 at the end of 2016.

Medicare B and Medicare D premiums should be entered here instead of in the Social Security Benefits section.


Level 2

Can self-employed people deduct spouse's Medicare insurance premiums

So I guess the conclusion is that it simply does not matter whether the business owner claims personal health insurance costs, still OK to deduct for spousal insurance costs?

 

Expert Alumni

Can self-employed people deduct spouse's Medicare insurance premiums

Yes, you can deduct the health insurance premiums paid for your spouse. However, if you want these premiums to be part of the self-employed health insurance deduction, don't enter your Medicare premiums when entering the information from your SSA-1099 (Social Security Benefits). Instead, enter these premiums in your business expense section.

Note: If you or your spouse could participate (even if you declined coverage) in an employer's health plan at any time during a given month, you can't take the deduction for that month. However, payments for those months are deductible on Schedule A if you itemize deductions.

 

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