$26.95 
Learn more
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.
advertisement
Featured Books
Tax Glossary
Itemized deductions
Items, such as interest, state and local income and sales taxes, charitable contributions, and medical deductions, claimed on Schedule A of Form 1040. Itemized deductions are subtracted from adjusted gross income to arrive at taxable income. The amount of itemized deductions is also subject to a reduction when adjusted gross income exceeds certain limits.
