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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33958
Experience:  Taxes, Immigration, Labor Relations
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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: 2 years ago.
Category: Tax
Expert:  Lev replied 2 years 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 2 years 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.


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