How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

I am retired as of August 1st last year. I have independent

Customer Question

I am retired as of August 1st last year. I have independent contracting income from September to December from a Georgia School District amount to to $3,250 less about $250 expenses. My health insurance is Medicare Part B and a supplement plan I get from TRS (Teacher Retirement System of Ga). Can I deduct the Medicare insurance Part B on line 29 of 1040 form from August to December? Can I deduct the supplement insurance coordinated by TRS from August to December?
Submitted: 9 months ago.
Category: Tax
Expert:  Lev replied 9 months ago.

You may deduct health insurance that is in your name or in name of your business.
IRS regulations specifically allow to deduct Medicare premiums.
However - the supplement insurance costs from TRS may not be deducted as that is not insurance policy under your name.
In additional self-employment insurance deduction on line 29 may not be more than your self-employment income.

Expert:  Lev replied 9 months ago.

Specifically - see instructions fro line 29 - on page 32

The insurance plan must be established under your business. Your personal services must have been a material income- producing factor in the business. If you are filing Schedule C, C-EZ, or F, the policy can be either in your name or in the name of the business.

and see on page 33

But if you were also eligible to participate in any subsidized health plan maintained by your or your spouse's employer for any month or part of a month in 2015, amounts paid for health insurance coverage for that month can't be used to figure the deduction.

Sorry if you expected differently.

Let me know if you need any help with reporting.

Otherwise,

I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all tax related issues.

Related Tax Questions