I am over 65, not collecting Social Security but paying Medicare premiums. Where do I enter the amount paid in Medicare premiums in the past year?

Medicare premiums are allowed as an itemized deduction in the medical expense category. Medical expenses must be over 7.5% of your adjusted gross income to be deductible. You will only benefit from itemizing your deductions on your federal tax return if the total of them is more than your standard deduction. The standard deduction in 2023 for single filer is $13,850 and $27,700 for married filing joint. You add an additional $1,850 for single filers over 65 and $1,500 for married- joint when 65 or older.

 

You enter your Medicare premiums in the Deductions and Credits section of TurboTax, then Medical, then Medical expenses. This is all in the Federal section of TurboTax.

 

Even if you can't use your medical expenses as a deduction on your federal return, they may be deductible on your state return.

 

 

Medicare premiums are deductible as an itemized medical expense on Schedule A. You can only deduct an amount of total medical expenses greater than 7.5% of your AGI.