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.
Are political contributions tax deductible? Before signing a check, learn the difference between charitable giving and political donations at H&R Block.
Learn more about earned income credit eligibility and get tax answers at H&R Block.
Learn more about the potential tax benefits of charitable holiday giving. Your holiday donations may boost your refund, depending on the organization.
What is a CPA, and how can one help you with preparing your taxes? Understand the role of a certified public accountant with the experts at H&R Block.