can I deduct my medicare part c and d. medicare advantage plan under social security form ssa-1099 information

[jgrinder0]

I pay for medicare advantage plan. where can I write that off on my taxes?

[MinhT1]

All Medicare health insurance payments are deductible as Medical expenses.

You can claim all medical and dental bills, prescription drugs and health insurance premiums paid out-of-pocket as Medical Expenses in Schedule A - Itemized Deductions.

The IRS has an extensive list of what you can and can’t deduct.

For tax year 2024, Medical Expenses are subject to the 7.5% rule and you can only claim the excess over 7.5% of your Adjusted Gross Income.

Please note that Itemized Deductions will only benefit your taxes when they exceed your standard deduction.

For tax year 2024, standard deductions are:

• $29,200 for married couples whose filing status is “married filing jointly” and surviving spouses;
• $14,600 for singles and married couples whose filing status is “married filing separately”; and
• $21,900 for taxpayers whose filing status is “head of household.”

The additional standard deduction for a blind taxpayer—i.e. a taxpayer whose vision is less than 20/200— and for a taxpayer who is age 65 or older at the end of the year is for each instance:

• $1,550 for married individuals; and
• $1,950 for singles and heads of household.

Here's how to enter your medical expenses in TurboTax:

1. Open or continue your return.
2. Navigate to the Schedule A section:

• TurboTax Online/Mobile: Go to Schedule A.
• TurboTax Desktop: Search for Schedule A and then select the Jump to link.

[xmasbaby0]

Is it being deducted from your Social Security or are you paying  out of pocket?   Look at your SSA1099

If you receive Social Security benefits, your Medicare is deducted from your SS.   When you enter the SSA1099 for your Social Security, the amount paid for Medicare flows automatically to the medical expense section of the software, so do not enter it again.

MEDICAL EXPENSES

The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.)  expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2024—do not include any amounts that were covered by insurance or that are still outstanding.  Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.

To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600    (65 or older/legally blind + $1950)

MARRIED FILING SEPARATELY            $14,600    (65 or older/legally blind + $1550)

MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)

[jtb5]

First year we started to receive SS benefits,  April for me and June for my wife.  We paid Medicare premiums by check up until they were deducted from our SS benefits.  My SSA-1099SM Shows the  medicare figure that was deducted from our benefit but not the amount I paid before receiving SS.  Do I add this amount myself? and Why isn't the Total amount paid for Medicare last year shown on the 1099?  We had to pay more  Medicare premium in addition to the $174.00 because of my Job so I want to make sure I'm getting all the deductions I'm allowed.   

Thank you

[ThomasM125]

Yes, you do add your Medicare insurance payments not listed on your SSA-1099 form yourself. You can enter them in the Medical and then Medical Expenses section of TurboTax, in the Deductions and Credits area. There you will find a screen that says How much did you spend on insurance premiums? and there will be a space to enter medical insurance premiums. Medicare premiums listed on your Form SSA-1099 just include the ones subtracted from your social security check.