Premiums for Medicare health insurance can add up to a substantial sum. That’s especially true if
you have high income, and
you’re married and both you and your spouse are paying premiums.
Fortunately, the premiums can potentially help your tax situation. The dollar benefit of Medicare tax deductions depends greatly on where you can deduct the premiums:
The business deduction produces the maximum tax benefit.
The self-employed health insurance deduction on line 29 of Schedule 1 of your Form 1040 produces the second-best benefit.
The itemized deduction either is useless or produces the third-best benefit.
Number 1: The Business Deduction
You flat out get the best dollar benefit from your Medicare and supplemental ... Log in to view full article.