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TJM51
Level 1

Estimated Tax Medicare Deduction

Where in the estimated tax preparation (under Other Tax Situations) do I deduct medicare payments (from social security deduction)?

 

Other Deductions does not appear to be the correct location.  Thanks.

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DoninGA
Level 15

Estimated Tax Medicare Deduction

If you are receiving Social Security benefits and are eligible for Medicare then the actual Medicare Premiums payments deducted from Social Security benefits received are a health insurance payment/deduction.  

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3 Replies
DoninGA
Level 15

Estimated Tax Medicare Deduction

Medicare premium payments are entered as an itemized medical deduction on Schedule A.

 

Health care insurance premiums and other medical expenses that you paid with out of pocket funds are an eligible medical expense that you can deduct using Schedule A for itemized deductions. However, only your total medical expenses that are greater than 7.5% of your Adjusted Gross Income (AGI) can be deducted. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

 

Standard deductions for 2021

  • Single - $12,550 add $1,700 if age 65 or older
  • Married Filing Separately - $12,550 add $1,350 if age 65 or older
  • Married Filing Jointly - $25,100 add $1,350 for each spouse age 65 or older
  • Head of Household - $18,800 add $1,700 if age 65 or older

To enter your medical expenses -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Deductions and Credits
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Medical
  • On Medical Expenses, click the start or update button

Or enter medical expenses in the Search box located in the upper right of the program screen. Click on Jump to medical expenses

TJM51
Level 1

Estimated Tax Medicare Deduction

True if I was doing my 2022 return.  Not doing that.

 

I am doing the estimated tax process within Turbotax under the Other Tax Situations/Other Tax Forms/Form W-4 and Estimated Taxes.   Want to calculate what payment is due September 15th.

 

In that process, I see Other Itemized Deductions and a place for health insurance deductions.  Neither location specifically mentions Medicare payments.

DoninGA
Level 15

Estimated Tax Medicare Deduction

If you are receiving Social Security benefits and are eligible for Medicare then the actual Medicare Premiums payments deducted from Social Security benefits received are a health insurance payment/deduction.  

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