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Retirement tax questions
Got it. Medicare premiums paid by Social Security on my behalf (because the amount is automatically deducted from my Social Security Benefits) are paid to Medicare as a part of my full Social Security Benefit, which in my case, is 85% taxable on the full amount. The Medicare premium amount is not deducted separately from my Social Security benefit as a pre-tax deduction.
On the brighter side, I can look at it still as essentially getting Medicare premiums non-taxable because my SS benefit is only 85% taxable. My Medicare premium deducted from my Social Security benefit amounts to roughly 10% of the whole SS benefit...so I'll take it as a win. Thanks!
yesterday