can the amount of medicare premiums deducted from ...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
nouna
Level 2

can the amount of medicare premiums deducted from my monthly benefits be taken as an over-the line adjustment on 2020 form,line 10. I am >2% shareholder/employee of an SCorp.

 
4 Replies
gloriah5200
Expert Alumni

can the amount of medicare premiums deducted from my monthly benefits be taken as an over-the line adjustment on 2020 form,line 10. I am >2% shareholder/employee of an SCorp.

Yes, you can use medicare premiums paid from your social security benefits as self-employed health insurance premiums.  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.

 

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.

 

For additional information, please refer to the following link:

Can medicare premiums be used as self-employed health 

dmertz
Level 15

can the amount of medicare premiums deducted from my monthly benefits be taken as an over-the line adjustment on 2020 form,line 10. I am >2% shareholder/employee of an SCorp.

Your self-employed health insurance deduction cannot exceed the amount of the reimbursement from the S corp for healthcare, reported as wages box 1 of your W-2 from the S corp.  The deduction goes on Schedule 1 line 16, which TurboTax will do automatically when you enter the Schedule K-1 (Form 1120S) from the S corp and indicate that you personally paid for healthcare and the S corp paid you wages.

nouna
Level 2

can the amount of medicare premiums deducted from my monthly benefits be taken as an over-the line adjustment on 2020 form,line 10. I am >2% shareholder/employee of an SCorp.

Thank you for your response. I do have an additional question to ask ....is a > 2% shareholder/employee of an Scorp considered self-employed? This question came up when I read the link you referenced to me. I appreciate your time and consideration.

dmertz
Level 15

can the amount of medicare premiums deducted from my monthly benefits be taken as an over-the line adjustment on 2020 form,line 10. I am >2% shareholder/employee of an SCorp.

You are considered to be self-employed only for the purpose of the self-employed health insurance deduction, not for any other purpose.

 

I've also add a bit to my previous reply.

Dynamic AdsDynamic Ads
v
Privacy Settings