I have a question about deducting medical premiums. Can I deduct medical premiums associated with Medicare on my tax return?

Deducting medical premiums from your tax return is allowed in certain circumstances and depends on the type of Medicare premium:

  • Medicare A -- You can only include Medicare A premiums if both of these are true:
    • You voluntarily enrolled in Medicare A.
    • You aren’t covered under Social Security.
  • Medicare B -- This is supplemental insurance, and you can include it.
  • Medicare Part D -- This is voluntary insurance and it’s always includable.

You can deduct medical premiums for Medicare and your other medical expenses. To do so, these must be more than a certain percentage of your adjusted gross income (AGI).

Depending on your age and the tax year, this percentage is either:

  • 7.5% of your AGI
  • 10% of your AGI

Report medical expenses on Schedule A, and you must itemize to deduct them. The payroll tax for Medicare is never a medical expense.

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Calculators

So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.

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