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Are medicare premiums deductible in my business?

are medicare premiums deductible?
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2 Replies

Are medicare premiums deductible in my business?

Yes if you paid them.  

Medicare plan B payments are qualified as Self-employed medical insurance premiums and should be entered under Business instead of in the Social Security Benefits entry area.  So go back and take it off your SSA-1099 entry.

Hal_Al
Level 15

Are medicare premiums deductible in my business?

As a self employed person, your medicare premiums qualify for the  "Self-employed health insurance deduction" on line 16 of Schedule 1 (technically an adjustment to income).

 

You may not take a deduction (for medicare or other health insurance for you or your family) directly on Schedule C (business income and expenses).  That is, it is still a personal deduction, not a business deduction. It cannot reduce you net profit for purposes of the Self Employment Tax. 

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