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Submitted By: someone
Answered: April 26, 2018 9:51 pm
Answered: April 26, 2018 9:51 pm
I am a senior who is self-employed and on Medicare. Can I deduct my premiums as an adjustment to gross income?
Yes. The IRS has indicated (https://www.irs.gov/pub/irs-wd/1228037.pdf) that all Medicare premiums are similar to other health insurance, and that this deduction rule extends to Medicare premiums for coverage of a self-employed individual’s spouse, dependent, or child under age 27.
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Tax Glossary
Revenue ruling
A revenue ruling is the Commissioner’s “official interpretation of the interpretation of the law” and generally is binding on revenue agents and other IRS officials. Taxpayers generally may rely on published revenue rulings in determining the tax treatment of their own transactions that arise out of similar facts and circumstances.
