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Are Medicare Part A premiums tax deductible if I have not yet signed up to receive Social Security payments?
I am 66, retired, and collect a pension, but have not yet signed up to collect Social Security payments. I had to start paying for Medicare last year when I turned 65. Since I am not collecting Social Security, are the premiums I pay for Medicare (Part-A) tax deductible? Previous answers say "no, if I'm covered under Social Security", but what does covered under Social Security mean exactly...no, because I qualify for SS or no, if I start collecting SS payments?
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Are Medicare Part A premiums tax deductible if I have not yet signed up to receive Social Security payments?
If you paid for the Medicare, then it is deductible as a medical expense on your Schedule A in the amount that exceeds 7.5% of your Adjusted Gross Income.
Covered by Social Security means that you are receiving the benefits and you automatically receive the Medicare Part A.
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