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Level 2
March 22, 2025
Question

Deducting Medicare premiums

  • March 22, 2025
  • 2 replies
  • 11 views

My husband and I retired in 2024. We paid Medicare premiums directly - deducted from our checking account

(we did not have premiums deducted from SS as we were waiting to collect SS in 2025). Can we deduct Medicare and Supplemental insurance premiums?

    2 replies

    Level 15
    March 22, 2025

    They are a medical deduction if you itemize. You can only deduct  an amount of total medical expenses greater than 7.5 percent of your AGI. 

    DawnC
    Level 15
    March 22, 2025

    Whether you can deduct your Medicare costs depends on your situation.

     

    • Medicare Part A premiums are deductible if you aren't covered under Social Security, you aren't a government employee who paid Medicare tax, and you voluntarily enrolled
    • Medicare Part B, C, and D premiums are deductible

    They are entered with medical expenses and are deductible if you itemize your deductions as opposed to taking the standard deduction. 

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