I’m questioning just where do I put both our (we’re filing jointly) Medicare B&D premium payments as my wife is self-employed part time as a Zumba instructor. I’m working off of TurboTax Home and Business.
For Health insurance payments under the Turbotax business income and expenses tab, ‘Turbotax Help’ indicates “Medicare B & D premiums should be entered here (business tab) instead of in the Social Security Benefits section”. It appears this information is then being entered into the new 7206 form “Self-Employed Heath Insurance Deduction”.
Then first sentence contained in item 1 of form 7206 reads, “Enter the total amount paid in 2023 for health insurance coverage established under your business……..for 2023 for you, your spouse and your dependents” and is where the Medicare premiums amounts have been entered.
My question is: What is the meaning of “established under your business” as she obviously did not “establish“ Medicare, only that she has Medicare while doing her business and has not begun any type of other health insurance under her business. Depending what “established under” really means in this context, do I still put our Medicare B&D premiums in the business tab (hence form 7206) or do I put them in the Social Security Benefits section?
I would appreciate any help to sort this out.
