Self-employed. Total medicare and med supp premiums of $6119. Where to enter expense: Sch C or elsewhere?

Forum|Forum|2 years ago
April 7, 2023
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TurboTax Self Employed Online

DaveF1006

You may enter as Schedule C business expenses. Go to the expenses portion where you enter your business information. Once you begin entering expenses, go to less common and select the downward facing arrow. On the first page, look at the bottom right. You should see this 1-5 of 14

1 2 3. Select 2 and you will see the Health insurance premiums category listed there to enter these premiums.

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nello

@DaveF1006

I’m sorry, but I don’t see “less common” or a “downward facing arrow” on the Schedule C Business Expenses screen for TurboTax Deluxe 2023 for Mac.

Here’s what I see:

How/where EXACTLY do I enter Medicare premiums on Schedule C, please?

Thank you.

VolvoGirl

Employee

Try looking in All other Expenses.

Is the Medicare deducted from your Social Security? 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. So go back and take it off your SSA-1099 entry.

And Self Employed health Insurance does not go directly on Schedule C so it will not reduce your Net Profit or self employment tax.

If your health ins exceeds your net self-employment income it gets split. An amount equal to your net self-employment income goes on Form 1040 Schedule 1 line 17 (then to 1040 line 10) and the remainder gets added in to medical expenses on Schedule A.