Can Medicare and Advantage plan premiums be claimed on Schedule C?

[tzgyg0]

Since 2008 I've been retired and self employed. Prior to 2017 my wife and I were covered by a company health plan which I paid part of the premium, which I believe was not deductible being a company provided plan. During 2017 we both turned 65 and were dropped from that plan and started Medicare with an Advantage plan. Being self employed can I take these new premiums as a deduction on Schedule C now?

[DanO · Accepted solution]

Yes, you can deduct the cost of the premiums for you and your spouse since neither of you has coverage from an employer.

You can use TurboTax Self-Employed to enter the premiums as an expense to your business.

When you are in TurboTax:

• Click on Federal from left column 
• Edit/Add your business or Review if business is already added
• Click on Add expenses for this work
• Scroll down to Less common expenses
• Click Health insurance premiums then Continue
• Add your information