I have a question about health care taxes an claiming my Medicare premium deduction. I pay Medicare premiums and supplemental insurance premiums. Do these premiums qualify for the self-employed health insurance deduction?
If you are self-employed you can determine if you qualify for a Medicare premium deduction and supplemental insurance premium deduction for you and the following individuals:
- Your spouse
- Your dependent
- Your child who hasn't reached age 27 by the end of the year According to the IRS, the self-employed health insurance deduction is for medical, dental or long-term care insurance premiums that self-employed people often pay for themselves, their spouse and their dependents. The insurance can also cover your child who was under age 27 at the end of the year. A child includes your son, daughter, stepchild, adopted child, or foster child. A foster child is any child placed with you by an authorized placement agency or by judgment, decree, or other order of any court of competent jurisdiction. Additionally, if you are self-employed you can use premiums for all parts of Medicare to determine the self-employed health insurance deduction.
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So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.