Question

Medicare premium deduction for individual who is self-employed and an employee

Forum|Forum|4 years ago
April 14, 2022
1 reply
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Greetings to all.

Both my wife and I are covered under Medicare as our primary health insurance. I am retired. My wife is still employed but not eligible for any health insurance. She also has some self-employment income.

Is it permissible to deduct a portion of Medicare premiums above-the-line up to the amount of my wife's net self-employment income? If so, may the amount of the premium in excess of the above-the-line deduction be entered on Schedule A for the AGI test?

Thank you.

M

Mike9241

yes medicare premiums would be deductible as self-employed health insurance with any non-deductible portion being eligible for inclusion on schedule A. Turbotax will calculate this automatically. don't include medicare on the Social security input screen, it needs to be entered through scheduled C. the above the line amount it's limited to net self-employment income less 1/2 the Self-employment tax.