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Can I deduct my Medicare premiums if I'm self-employed?

SOLVEDby TurboTax582Updated March 27, 2024

Yes, you can deduct your Medicare premiums if you're self-employed. There are two ways to do this within TurboTax:

To enter your Medicare premiums as an expense related to your self-employment, follow these instructions:

  1. In the Wages & Income section, select Edit/Add next to Self-employment income and expenses.
  2. When entering information for your business expenses, locate the Less common business expenses section and select the down arrow to expand it. 
  3. Select the option for Health Insurance Premiums (typically found on page 2 or you can search for Health insurance premiums in the search box), then select Continue.
  4. The next screen shows your list of expenses. Select Start next to Health Insurance Premiums.
  5. Enter Medicare or Medicare Premiums in the description field, then enter the amount in the box next to it, and select Continue.

Note: To qualify, your Schedule C must show a net profit—this deduction isn't available if it shows a net loss. Also, if you (or your spouse if filing jointly) were eligible to participate in an employer's health plan during any given month—even if you declined the coverage—the premium you paid for that month can't be claimed under this deduction.

If you're unable to take the self-employed health insurance deduction for the reasons mentioned in the previous section, you may be able to deduct your Medicare premiums as a regular medical expense if you itemize (Schedule A). See this article for instructions.

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