I just started Medicare and deductions come out of my social Security Benefit.
Do I have to enter the Medicare Premiums into Schedule A, wherein it is only deductible if I exceed 7.5% of my AGI? What about people who take the Standard Deduction and don't itemize?
We pay into Medicare from our income. We retire. Then they want us to pay tax on the Medicate premiums they charge us? I just want to be certain I am understanding this correctly.
I probably shouldn't be surprised, but even if I have to pay tax, I don't feel that people who can't or don't itemize should have to pay tax on Medicare premiums if their income is below, say, $30-40k.
