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You will enter a SSA1099 into your tax return, showing the total amount of SS benefits you received and you will also enter the amount(s) withheld for Medicare. You do not do any calculations yourself. Just enter the amounts as shown on the SSA1099 and the software will do your calculations.
Social Security mails your SSA1099 to you in January.
Go to Federal> Wages & Income>>Retirement Plans and Social Security (SSA1099 and 1099RRB) to enter your SSA1099.
@17611198902 wrote:Is the amount taken from my social security for Medicare every month considered to be income? -Do I calculate my total income for the year less the amount taken for Medicare every month?
The Medicare deducted from Social Security is part of the SS income you report. You will get a SSA-1099 to report your Social Security. Box 5 is the SS income you report before the deductions are taken out.
If you itemize your deductions the Medicare will be added to your Medical Deduction.
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The amount in Box 5 -- net benefits ---- of your SSA1099 is INCOME.
If---if--if--you itemize deductions such as mortgage interest, property tax, etc. the amount deducted from your net benefits for Medicare automatically flows to the part of the software that you use to enter medical expenses
Whether your Social Security benefits are taxable is determined by how much other income you received during the year. If you are receiving other income from working, receiving a pension, investment income, rental income, etc. etc., up to 85% of your Social Security can be taxable.
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You can log in to your SS account and get a benefits statement from Social Security. That will tell you how much you are getting each month for SS Benefits, Medicare and withholding. Take that and multiply it b y 12 months. Do you know how much your monthly amount is? You should have received a letter last November 2024 for your 2025 payments.
Like here is my SS Account. You would want the second one that says...
Your 2025 Social Security Cost of living increase.
Note to users who read this thread: The original poster edited their original question (and some of their subsequent responses) --- which asked if their Social Security including amounts deducted for Medicare is considered to be income. The replies they received were about that issue.
@17611198902 Are you still interested and checking this thread? Also here is my Nov 2024 Notice for how much I will get/got in 2025. You can get your copy from SS. The top monthly benefit in 2025 before deductions is the amount that can be taxable. Multiply that by 12 months. Up to 85% it can be taxable depending on your other income. The amount for Medicare can be a deduction if you itemized on schedule A.
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