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.
Your options for your tax filing status if your spouse dies will change depending on how long ago they passed away. For example, you can generally use married filing jointly in the year your spouse passes. Then in the next two years, you can file as a qualifying widower if you meet certain requirements.
Form 8332 is the form custodial parents can use to release their right to claim a child as a dependent to the noncustodial parent. The form can be used for current or future tax years. Additionally, custodial parents can use tax Form 8332 to revoke the release of this same right.
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