tomseeley
Member
Cash: $ 3.10
Posts: 13
Joined: 01 Dec 2007
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| Adjusting self-employment income for health insurance costs |
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I am self-employed. I get paid with a 1099-MISC each year, and I file a Sch C with my 1040.
Up till Feb 2009, I have had a self-pay health insurance policy, since I have no employer or other form of group health insurance.
Right or wrong, I have taken the cost of those monthly premiums as an adjustment (not a deduction) to my self-employment income, on line "whatever" on the front of the 1040.
As of Feb 2009, I have hit the big 6-5. I remain self-employed, and was self-employed throughout 2008.
I now have signed up for Medicare and I have also canceled my former blue cross/blue shield insurance and I have bought a Medicare supplement insurance plan instead.
Can I still take either or both of those monthly premiums for Medicare and the Medicare supplemental insurance as adjustments to my self-employment income?
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