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johndbct
New Member

I have Silver Script Medicare coverage plan, with year-to-date totals. That include out-of-pocket total drug costs. Would I need to include this in my tax return?

 
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I have Silver Script Medicare coverage plan, with year-to-date totals. That include out-of-pocket total drug costs. Would I need to include this in my tax return?

In the desktop version, here's how to get to the interview for Medical Expenses:

  • Federal Taxes tab.
  • Subtab "Deductions & Credits"
  • "I'll choose what I work on."
  • On the next screen titled "Your 2016 Deductions & Credits", scroll way down to MEDICAL.

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5 Replies

I have Silver Script Medicare coverage plan, with year-to-date totals. That include out-of-pocket total drug costs. Would I need to include this in my tax return?

Those expenses would qualify for itemized deductions on Schedule A, if you are able to itemize.

You can enter the Medicare drug premiums, and any amounts you paid in addition, such as co-pays, under Medical Expenses along with any other deductible medical expenses you have.

Medical expenses don't start to "count" as an itemized deduction until they exceed 10% of AGI (7.5% of AGI for those over age 65.)    You enter all the expenses and the program calculates all that.

In order for itemized deductions to count, the total of your allowed medical expenses plus all your other itemized deductions (taxes, interest, donations, 2% miscellaneous deductions, etc.)  has to exceed the standard deduction for your filing status.    Once the toal of all those deductions exceeds the standard deduction, TurboTax will switch over to itemizing deductions on Schedule A.
johndbct
New Member

I have Silver Script Medicare coverage plan, with year-to-date totals. That include out-of-pocket total drug costs. Would I need to include this in my tax return?

Thanks for your response.  Where is Schedule A located within the Turbo Tax app?

I have Silver Script Medicare coverage plan, with year-to-date totals. That include out-of-pocket total drug costs. Would I need to include this in my tax return?

In very general terms, Schedule A is the "Deductions" section, then there are a bunch of subtopics for Schedule A.

Are you using Online TurboTax (website version), or are you using the desktop product (CD/download) installed on your computer?
johndbct
New Member

I have Silver Script Medicare coverage plan, with year-to-date totals. That include out-of-pocket total drug costs. Would I need to include this in my tax return?

The CD-ROM Deluxe Version

I have Silver Script Medicare coverage plan, with year-to-date totals. That include out-of-pocket total drug costs. Would I need to include this in my tax return?

In the desktop version, here's how to get to the interview for Medical Expenses:

  • Federal Taxes tab.
  • Subtab "Deductions & Credits"
  • "I'll choose what I work on."
  • On the next screen titled "Your 2016 Deductions & Credits", scroll way down to MEDICAL.
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