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

SOLVEDby TurboTax358Updated 2 weeks ago

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, refer to the following instructions:

  1. When entering information for your business expanses. navigate to the section marked Less common (showing the icon of a magnifying glass with a dollar sign in it)
  2. Find and select the option for Health Insurance Premiums (typically found on page 2 of the section), then click Continue
  3. A screen showing your list of expenses should appear next. Select the Start button next to the Health Insurance Premiums section
  4. Enter Medicare or Medicare Premiums in the description field, then enter the amount in the box next to it, and click 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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