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Deductions & credits
Premiums you pay for health coverage is deductible, including Medicare, as a medical expense itemized deduction. It will only benefit you though to the extent your total medical expenses are more than 7.5% of your adjusted gross income. Also, you need to benefit from itemizing deductions as opposed to taking the standard deduction for it to benefit you on your federal tax return.
Medicare insurance premiums are picked up automatically as medical deductions once you enter in your social security income off of your SSA-1099 form. Any additional health insurance premiums you pay that aren't reported on your SSA-1099 form would be entered in the Deductions and Credits section of TurboTax, and then Medical and then Medical Expenses.
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‎February 18, 2025
2:55 PM