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livewired68
Returning Member

Medicare Part B Premium Deduction for Self Employed

I am self-employed and I know that my Medicare Part B Premium is to be taken care of under my Business Deduction section.  However, do I also report my wife's Medicare Part B Premium along with mine as a total Business Deduction for us both or do I report hers under a Personal Deduction?

6 Replies
MayaD
Expert Alumni

Medicare Part B Premium Deduction for Self Employed

Yes, the IRS has allowed self-employed individuals to deduct all Medicare premiums (including premiums for Medicare Part B – and Part A, for people who have to pay a premium for it – Medigap, Medicare Advantage plans, and Part D) from their federal taxes, and this includes Medicare premiums for their spouse.

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JohnH1
Level 5

Medicare Part B Premium Deduction for Self Employed

They do make it complicated, don't they?  I would think the two of you would be treated as one on a joint return but . . .

 

https://www.irs.gov/faqs/small-business-self-empl[product key removed]ess/entities/entities

JohnH1
Level 5

Medicare Part B Premium Deduction for Self Employed

How can I edit my above response. The forum software distorted the URL

https://www.irs.gov/faqs/small-business-self-empl[product key removed]ess/entities/entities 

JohnH1
Level 5

Medicare Part B Premium Deduction for Self Employed

I just earned another badge for two worthless post that I cannot edit. I've been able to edit or delete posts in the past. Why not now?

 

The URL should go to an IRS article with the following text . . .

 

A business jointly owned and operated by a married couple is a partnership (and should file Form 1065, U.S. Return of Partnership Income) unless the spouses qualify and elect to have the business be treated as a qualified joint venture, or they operate their business in one of the nine community property states.Jan 4, 2021
 
DoninGA
Level 15

Medicare Part B Premium Deduction for Self Employed

On the IRS website, right click on the question copy the link address and post the URL -

https://www.irs.gov/faqs/small-business-self-employed-other-business/entities#collapse-0

 

JohnH1
Level 5

Medicare Part B Premium Deduction for Self Employed

Thanks DoninGA ,


That's what I did but look at what happened to it after I hit (Post)


It stuck [product key removed] right in the middle of it.


Nuts!

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