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Level 2
posted Feb 25, 2025 2:06:43 PM

Schedule C, Part V and Schedule 1, Part II, Line17

Hello,

Health Insurance being Medicare, Should it be an Expense on Schedule C, Part V

AND Schedule 1, Part II, Line 17 as Self-Employment Health Insurance Deduction?

0 4 788
4 Replies
Expert Alumni
Feb 25, 2025 2:14:17 PM

Yes, if you pay Medicare premiums, you can deduct as Self-Employed Health Insurance if you have net income from the self-employment.  See Deducting Health Insurance Premiums If You're Self-Employed.

Level 2
Feb 25, 2025 3:21:47 PM

Hello MaryK4,

The amount for the Health Insurance Premiums are to omitted @ Self-Employment Loss.  

Understood the amount is omitted on Schedule SE and Schedule 1, when @ a net loss.

Is the amount omitted from Schedule C, Part V, too?

Expert Alumni
Feb 25, 2025 3:26:54 PM

Self employed health insurance premiums are deducted from your income on schedule 1 but they are purposely NOT deducted for schedule SE purposes.  They should also not be entered on schedule C.  Only on schedule 1.

 

So your premiums are subject to social security and medicare payments but not subject to income tax just like a W2 employee.

 

@DAD02 

Level 15
Feb 25, 2025 9:47:27 PM

schedule 1.