Can I deduct Part B and Part D deductibles once met ?

The deductibles and any copays are deductible if you paid with out of pocket funds and were not reimbursed.

You can enter  your out of pocket medical expenses as an itemized deduction under medical expenses.

 

MEDICAL EXPENSES

The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.)  expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2024—do not include any amounts that were covered by insurance or that are still outstanding.  Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.

 

To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses

 

 

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600    (65 or older/legally blind + $1950)

MARRIED FILING SEPARATELY            $14,600    (65 or older/legally blind + $1550)

MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)

 

Yes, both the premiums and the deductibles (paid out-of-pocket) on Part B and Part D Medicare are deductible as Medical expenses.

 

You can claim all medical and dental bills, prescription drugs and health insurance premiums paid out-of-pocket as Medical Expenses in Schedule A - Itemized Deductions.

 

The IRS has an extensive list of what you can and can’t deduct.

 

For tax year 2024, Medical Expenses are subject to the 7.5% rule and you can only claim the excess over 7.5% of your Adjusted Gross Income.

 

Please note that Itemized Deductions will only benefit your taxes when they exceed your standard deduction.

 

For tax year 2024, standard deductions are:

• $29,200 for married couples whose filing status is “married filing jointly” and surviving spouses;
• $14,600 for singles and married couples whose filing status is “married filing separately”; and
• $21,900 for taxpayers whose filing status is “head of household.”

 

The additional standard deduction for a blind taxpayer—i.e. a taxpayer whose vision is less than 20/200— and for a taxpayer who is age 65 or older at the end of the year is for each instance:

• $1,550 for married individuals; and
• $1,950 for singles and heads of household.

 

Here's how to enter your medical expenses in TurboTax:

1. Open or continue your return.
2. Navigate to the Schedule A section:

• TurboTax Online/Mobile: Go to Schedule A.
• TurboTax Desktop: Search for Schedule A and then select the Jump to link.