IRS says Medicare Part B premium deductible as SE health insurance

IRS says Medicare Part B premium deductible as SE health insurance (2-11-11)

Unexpectedly, the IRS says the Medicare Part B premiums are deductible for purposes of the self-employed health insurance deduction. This is a reversal of their long-standing position, and it appeared in the instructions to Form 1040 without any other announcement. Spidell confirmed the IRS’s new position by e-mail and you may view the e-mail at: https://www.caltax.com/spidellweb/pdf/medicareB.pdf.

Learn about the new estate tax provisions under the 2010 Tax Relief Act at Spidell’s New Estate Tax Rules Webinar on March 17.
Click here for more information or to register.