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Retirement tax questions
It depends. It may be that there is nothing to do.
Medicare part B and D premiums are carried to your medical expenses for itemized deduction. If you take the standard deduction, then you are not gaining a deduction so no need to include the medicare premiums paid. If you are itemizing your deductions and are able to take a medical expense deduction on Schedule A, then you would need to make sure the premiums are included when entering your medical expenses.
- That being said, if your employer includes this amount in your W-2 or Form 1099-R as part of your taxable wages or income you are allowed to use the deduction because you are paying tax on the income received for the reimbursement.
Some states allow a deduction for health insurance premiums paid as well. Check your state to see if you can use your medical expenses or health insurance.
[Edited: 04/01/2022 | 1:38p PST]
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‎April 1, 2022
9:33 AM