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Medicare premiums paid are not a direct reduction in income, but an itemized medical deduction taken on Schedule A. They only reduce taxable income to the extent they exceed 7.5% of your AGI and you otherwise itemize. In your case, 85% of your social security benefits are taxable, which is the $46804.
Medicare premiums paid are not a direct reduction in income, but an itemized medical deduction taken on Schedule A. They only reduce taxable income to the extent they exceed 7.5% of your AGI and you otherwise itemize. In your case, 85% of your social security benefits are taxable, which is the $46804.
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