Can I move Medicare B and D payments that are prepopulated by TT if I’m self employed?

[tuckerdognc]

I’m looking for every tax advantage possible and was just re-reading the section on “Medical Expenses”… Im 72 and received $5000 for writing last year. I have $1640 in Medicare B and D “premiums” and TT states that under Business Expenses>common expenses>insuraance payments, “you can deduct up to 100% of health insurance … for you, spouse and dependents if you are self-employed, etc and show a profit. We are both self-employed (my spouse’s insurance premiums are deductible), but I just saw the note in TT “Medicare B and Medicare D premiums should be entered here instead of the SS Benefits section.” 

So, do I delete those two line items out of the SS worksheet, and move the total added to my spouse’s premiums on the Self employment insurance premium line on 1040? 

In addition: On the Social Security Worksheet the information notes that if self-employed, enter premiums on the business actiity form (Schedule C, F, etc) not on Lines C, D and E above. 

So, do I also remove medicare part C and add that to my self employed insurance as well? 

And if this is the case, I really need to file amended returns for about three years 🙂 

[VolvoGirl]

Yes.  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. 

[1Cull1]

Followup question: to accomplish the above answer, do I just enter nothing in the TT Medicare premium boxes on the Social Security benefits worksheet? Then enter those Medicare premium totals on the Sched C worksheet as medical premium entry (ies)?

[VolvoGirl]

Yes

[1Cull1]

VolvoGirl is the greatest

[cpadkm]

I input the supplemental medicare insurance policies in the business income and expense section, but it is not populating as an adjustment.  It is only considering the medicare paid through social security.