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My understanding is that self employed individuals filing a Schedule C can deduct Medicare B premiums. (I am not of Medicare age, so I can't speak from personal experience.) Obviously, this is something you would want to confirm with a CPA or tax attorney, of which I am neither.
I am not on Medicare but I called the IRS concerning deductions for a relative. They told me if you itemize deductions that you can deduct prem. for Part B, D & Supplemental Ins. for 2010. The amount when itemizing should come to more than the standard deduction.
Well, the Medicare Part B premium is indeed a health insurance premium, but I am wondering why you would ask this question of strangers in a public forum rather than asking your CPA. Isn't the accuracy of your federal income tax return important enough that you would want to be able to put absolute trust in the information concerning it? There is no way to know who we are here. Although I am not a CPA, if I told you I was one how would you know the difference?
Well, the Medicare Part B premium is indeed a health insurance premium, but I am wondering why you would ask this question of strangers in a public forum rather than asking your CPA. Isn't the accuracy of your federal income tax return important enough that you would want to be able to put absolute trust in the information concerning it? There is no way to know who we are here. Although I am not a CPA, if I told you I was one how would you know the difference?
Not everyone can afford a CPA to do their taxes for them. After being hosed by an atty/CPA to the tune of $500 for each of the past 2 years, I now do my own and take my chances.
The question is really for my Dad, who does not really make a lot of $$, nor stands to gain that much by adding this deduction. It's amazing how much information that there is on either side of this question whenever I've googled it; no definitive answer. Dad could probably get away with putting the Part B premiums as deductions because his income is so low and chance of audit very slim.
I am not on Medicare but I called the IRS concerning deductions for a relative. They told me if you itemize deductions that you can deduct prem. for Part B, D & Supplemental Ins. for 2010. The amount when itemizing should come to more than the standard deduction.
Yes, but are you referring to the Sched A or the Sched SE for self-employed folks? On the Sched A, a "medical expenses" can only be deducted by the amount that exceeds 7.5% of AGI. That may not be a whole lot.
The chnace of a audit by phone have gone way up the last few years. its said to have gone up great that by 99% compared to just a few years ago. Computer checks have come a long ways.
Yes, but are you referring to the Sched A or the Sched SE for self-employed folks? On the Sched A, a "medical expenses" can only be deducted by the amount that exceeds 7.5% of AGI. That may not be a whole lot.
Sched SE is the whole enchilada.
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I used Sched. A not Sched. SE for my relative but she had a lot of med. expenses plus the insurance prem. which exceeded the 7.5% of AGI.
I have talked with the IRS & they never ask me for my personal info. when I call. If you don't want to call them, some tax places like H & R Block will answer questions by phone without going in for an appointment.
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