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LLC 1099-NEC; self-employed for deducting Medicare premiums?

I am affiliated with a pass-through LLC which is an opportunity for me to get consulting business. The clients pay the LLC. The LLC keeps a previously agreed-upon percentage and pays me the rest. The LLC reports my income on a 1099-NEC. I receive no other benefits from the LLC -- it doesn't contribute to a retirement plan, it provides no insurance, it doesn't withhold anything (taxes, etc) from the money.

 I have two questions:

  1. Am I considered "self-employed" in this circumstance? I see that Turbotax lists my income from this consulting work on Schedule C. I think the answer is "yes" but I would appreciate confirmation.
  2.  Can I deduct my Medicare premiums as expenses?  The answer depends on whether/how I am considered self-employed. (Medicare is my primary health insurance.)

Thanks to all!

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Accepted Solutions
AliciaP1
Expert Alumni

LLC 1099-NEC; self-employed for deducting Medicare premiums?

Yes, you are considered self-employed in this situation.  Therefore, you are eligible to take the Self-Employed Health Insurance Deduction.

 

See Deducting Health Insurance Premiums If You're Self-Employed for more information.

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2 Replies
AliciaP1
Expert Alumni

LLC 1099-NEC; self-employed for deducting Medicare premiums?

Yes, you are considered self-employed in this situation.  Therefore, you are eligible to take the Self-Employed Health Insurance Deduction.

 

See Deducting Health Insurance Premiums If You're Self-Employed for more information.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

LLC 1099-NEC; self-employed for deducting Medicare premiums?

Thanks very much!

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