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booshebach1
February 14, 2023
Question

Medicare and supplimental premiums on Schedule C

  • February 14, 2023
  • 1 reply
  • 0 views

I had 1099 NEC reportable income this year. This was also my first full year on Medicare. Can both my wife's and my medicare, supplimental and Part D premiums be deducted as an expense on schedule C to offset freelance income earned?  

    1 reply

    D
    DavidD66
    February 14, 2023

    Yes, but only the premiums for the months that you were actively working as self-employed.  For example, if you worked as self-employed the months of February, March, and April, and then July, September, and November, then you can deduct six months of Medicare, Medicare Supplement, and Medicare Part D premiums.  

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      B
      booshebach1Author
      February 14, 2023

      So if I was activly working on the project Jan-July, I can only claim 7 months of medicare premiums not the entire year? Is that correct?

      P
      PattiF
      February 15, 2023

      Yes, that is correct. And you can't write off more in health insurance premiums than you earned.

       

      @booshebach1 

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