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I have Medicare and a supplement. Where do I enter the amount for the insurance supplement?

 
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2 Replies
PatriciaV
Expert Alumni

I have Medicare and a supplement. Where do I enter the amount for the insurance supplement?

You may enter the premiums you paid under the Deductions & Credits section of TurboTax. Go to Medical, Medical Expenses, click Start/Update, and work through the interview to the question "How much did you spend on insurance premiums?"

 

Medicare supplemental insurance premiums, including Part B (supplemental medical insurance), Part C (Medicare Advantage), and Part D (voluntary prescription drug insurance) are included as Itemized Deductions on Schedule A.

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I have Medicare and a supplement. Where do I enter the amount for the insurance supplement?

 

If you receive Social Security benefits, your Medicare is deducted from your SS.   When you enter the SSA1099 for your Social Security, the amount paid for Medicare flows automatically to the medical expense section of the software, so do not enter it again.

 

 

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 2021—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

 

 

2021 STANDARD DEDUCTION AMOUNTS

 

SINGLE $12,550  (65 or older + $1700)

 

MARRIED FILING SEPARATELY $12,550  (65 or older + $1350)

 

MARRIED FILING JOINTLY $25,100  (65 or older + $1350 per spouse)

 

HEAD OF HOUSEHOLD  $18,800  (65 or older +$1700)

 

Legally Blind + $1350

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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