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Raeka
Level 3

Where do I enter medicare and medicare supplement premiums we paid in TT Home & Business?

It doesn't seem to displaying any place to enter that info.

1 Best answer

Accepted Solutions
VolvoGirl
Level 15

Where do I enter medicare and medicare supplement premiums we paid in TT Home & Business?

How did you pay them?  When you enter a SSA-1099 they automatically go to Medical.  Or do you want to enter them as self employment expense?

 

For Self Employment.........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.

 

Self-employed health insurance deduction goes on Form 1040 schedule 1 line 17, as long as the expense is not greater than your net self-employment income. If it does exceed your net self-employment income it gets split automatically. An amount equal to your net self-employment income goes on Form 1040 Schedule 1 line 17, and the remainder gets added in to medical expenses on Schedule A.

 

For Home & Business Desktop program Go to

Business tab-Continue

Choose Jump to Full List -or I'll choose what I work on

 

Then…..

Business Income and Expenses - Click the Start or Update button

 

Then click EDIT by the business name and the next screen should be a list of  topics,

Business Profile, Income, Inventory/Cost of Goods Sold, Expenses, Assets, and Final Details last.

 

Under Business Expenses, Click Start or Update by Other common business expenses

Then click Update by Insurance Payments

Then click Update by Health Insurance Premiums

 

 

 

 

 

 

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4 Replies
VolvoGirl
Level 15

Where do I enter medicare and medicare supplement premiums we paid in TT Home & Business?

How did you pay them?  When you enter a SSA-1099 they automatically go to Medical.  Or do you want to enter them as self employment expense?

 

For Self Employment.........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.

 

Self-employed health insurance deduction goes on Form 1040 schedule 1 line 17, as long as the expense is not greater than your net self-employment income. If it does exceed your net self-employment income it gets split automatically. An amount equal to your net self-employment income goes on Form 1040 Schedule 1 line 17, and the remainder gets added in to medical expenses on Schedule A.

 

For Home & Business Desktop program Go to

Business tab-Continue

Choose Jump to Full List -or I'll choose what I work on

 

Then…..

Business Income and Expenses - Click the Start or Update button

 

Then click EDIT by the business name and the next screen should be a list of  topics,

Business Profile, Income, Inventory/Cost of Goods Sold, Expenses, Assets, and Final Details last.

 

Under Business Expenses, Click Start or Update by Other common business expenses

Then click Update by Insurance Payments

Then click Update by Health Insurance Premiums

 

 

 

 

 

 

Raeka
Level 3

Where do I enter medicare and medicare supplement premiums we paid in TT Home & Business?

Thank you for the time for that detailed answer. I will follow those instructions.

What is happening is my husband gets social security benefits but I do not. I do take the medicare however. It recognized the amount taken on his SSA but it isn't asking me about my premiums at all.

And Turbo tax is taxing my husband's social security partly even though he doesn't work. I finished the Schedule C already and didn't include any health premiums on that schedule since I don't make my premium payments out of my PLLC account and wasn't sure if that was proper to do.

Does this change your answer at all?

Thanks so  much for the help.

 

VolvoGirl
Level 15

Where do I enter medicare and medicare supplement premiums we paid in TT Home & Business?

On a Joint return his Social Security can be taxable.  Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:

Married Filing Jointly: $32,000

Single or head of household: $25,000

Married Filing Separately: 0

 

Social Security is on 1040 line 5a and the taxable amount on 5b.

To see the Social Security Benefits Calculation Worksheet  in Turbo Tax Online version you would have to save your return with all the worksheets to your computer.  Or if you are using the Desktop program you can switch to Forms Mode (click Forms in the upper right) and click on SS in the list on the left side.

 

 

Raeka
Level 3

Where do I enter medicare and medicare supplement premiums we paid in TT Home & Business?

So I can still put in my medicare premiums I paid even tho I didn't pay from my PLLC bank account?

And what of the supplemental health insurance premiums? Can we include them as well?

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