Medicare Premiums Are Insurance Deduction for Self-Employed

Recent News…the IRS Chief Counsel office released their decision to treat Medicare Premiums the same as health insurance premiums under section 162(1). This decision allows you to deduct the Medicare Premium in the same manner as deducting health insurance premiums. Any self-employed individuals who failed to deduct Medicare premiums in 2010 or 2011 may file an amended return to claim a refund, if within the statute of limitations.

Deduction of Medicare Premiums Office Of Chief Counsel Memo 071312

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