self employment health insurance deduction with Medicare


J

jo

I am on SSDI but have a tiny business for which I file a
Schedule C. Turbo Tax isn't doing a good job at explaining
whether my Medicare premiums can be included in the amount I
list for the health insurance proration worksheet. They are
withheld from my SSDI check. I also have a Medicare gap
policy which I pay bimonthly. Is there a reason why
withheld Medicare premiums should NOT be included in my
total health insurance figure? This is the first year I've
actually paid for part B so its the first time the situation
has come up.

Thanks for any suggestions.

jo
 
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H

Harlan Lunsford

jo said:
I am on SSDI but have a tiny business for which I file a
Schedule C. Turbo Tax isn't doing a good job at explaining
whether my Medicare premiums can be included in the amount I
list for the health insurance proration worksheet. They are
withheld from my SSDI check. I also have a Medicare gap
policy which I pay bimonthly. Is there a reason why
withheld Medicare premiums should NOT be included in my
total health insurance figure? This is the first year I've
actually paid for part B so its the first time the situation
has come up.
While I can't quote you chapter and verse right now, I do
recall that medicare B is NOT considered part of a business
health insurance deductible amount as an adjustment to AGI.
You can of course include it on schedule a when itemizing.

The other, medicare gap policy I recall has been held to be
part and parcel of self employment health insurance.

ChEAr$,
Harlan Lunsford, EA n LA
Thu, 6 Jan 2005
 
E

ed

Medicare Part B is not excluded (nor is any other insurance
except coveage available from your, or spouses', employer.)
from the SE Health Insuirance Deduction. If you plan is to
pay premiums under that business any premiums you pay are
deductible. The intent of the law was not to discriminate
against seniors and their only source of coverage is usually
Medicare. ed
 
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D

D. Stussy

ed said:
Medicare Part B is not excluded (nor is any other insurance
except coveage available from your, or spouses', employer.)
from the SE Health Insuirance Deduction. If you plan is to
pay premiums under that business any premiums you pay are
deductible. The intent of the law was not to discriminate
against seniors and their only source of coverage is usually
Medicare. ed
OK, but as Medicare follows the PERSON, how can its Part B
be "established" under the business?
 

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