Medicare Part B Premium Tax Deduction?


C

charliech

I am retired and reached the age of 65 this year and started Medicare.
Question: Is the Medicare Part B premium that is deducted from my
Social Security payment tax deductible on Schedule B with other
medical expenses? Preparing to file taxes with Medicare for the first
and trying to understand what's allowed and not.

Thanks
Charlie
 
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A

Arthur Kamlet

I am retired and reached the age of 65 this year and started Medicare.
Question: Is the Medicare Part B premium that is deducted from my
Social Security payment tax deductible on Schedule B with other
medical expenses? Preparing to file taxes with Medicare for the first
and trying to understand what's allowed and not.

Yes, on Schedule A line 1 where it might or might not provide
a tax benefit.


And Ohio allows a deduction for federal Schedule A Line 4, even if
you did not itemize.


And if filing separately, as I do since I file Ohio returns,
since my wife's medicare B premiums are paid from our joint
checking account, and since my Schedule A line 1 can include
expenses for me or my spouse (or medical dependents) I get to
deduct her Medicare premiums which, when reduced by 7.5% of a
much smaller AGI, provide a nice tax benefit.
 

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