Question

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?

Answer

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.

 

Related Topics

Related Resources

I am often required to travel for work and I would like to deduct my gas expenses from my tax return. What is the stand

Will the IRS give you a tax reimbursement on gas? Learn more from the tax experts at H&R Block.

Form 8283 -Large Item Donations

Learn how to deduct large item donations of more than $500 with the tax experts at H&R Block.

I have a question about vehicle depreciation. If I take a Section 179 deduction on the full purchase price of a vehicle

Can you claim depreciation if you took a Section 179 deduction on a vehicle's full purchase price? Learn more from the tax experts at H&R Block.

I have a question about first time home buyer taxes. Is there a first time home buyer tax credit available?

Will being a first-time homeowner affect your tax return? What deductions can you claim? Learn more from the tax experts from H&R Block.