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.
Your options for your tax filing status if your spouse dies will change depending on how long ago they passed away. For example, you can generally use married filing jointly in the year your spouse passes. Then in the next two years, you can file as a qualifying widower if you meet certain requirements.
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Some education expenses are tax deductible or may allow you to claim a tax credit. While new tax rules changed what’s available, student loan interest is tax deductible. Additionally, tuition and fees still count as qualified education expenses for the American Opportunity and Lifetime Learning credits.