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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