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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
Deferred compensation
A portion of earnings withheld by an employer or put into a retirement plan for distribution to the employee at a later date. If certain legal requirements are met, the deferred amount is not taxable until actually paid, for example, after retirement.
