Can I deduct my Medicare premiums as Self-Employed Health insurance deduction?
Yes, if you are self-employed and eligible for the self-employed health insurance deduction, you can include your Medicare premiums in your self-employed health insurance deduction. It's a deduction on Schedule 1 of Form 1040, line 29.
If you want these premiums to be part of the self-employed health insurance deduction, do not enter your Medicare premiums when entering the information from your SSA-1099 (Social Security Benefits). When you go through the questions for your business expenses, enter those premium expenses for self-employed health insurance premiums.
If you or your spouse could participate (even if you declined coverage) in an employer's health plan at any time during a given month, you can't take the deduction for that month. However, payments for those months are deductible on Schedule A if you itemize deductions.
If you don't have a profit on your Schedule C, you won't get the self-employed health insurance deduction. Remove your Medicare premiums from your Schedule C and enter them with your Social Security information. We'll transfer the amounts to your Schedule A, medical expenses.