Are the following Medicare premiums allowable medical deductions when itemizing deductions for both Federal 1040 and State of NJ returns:
1 - Monthly Medicare premiums (Part B)
2 - Monthly Medicare IRMAA payments (Part B)
3 - Monthly Medicare Pharmacy premiums (Part D)
4 - Monthly Medicare Pharmacy IRMAA payments (Part D)?
Yes.
All these items can be deducted as Medical Expenses for both Federal and NJ state.
The IRS has an extensive list of what you can and can’t deduct.
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