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Level 1
posted Jan 30, 2022 9:28:34 AM

What Year to Take Medicare Premium Tax Deduction in Missouri

I prepaid our medicare supplement premiums in December 2021 for the entire next year of 2022. Is it ok to go ahead and take the deduction on my 2021 Missouri return because I actually paid it all in 2021. Idid it that way last year. The only problem I can see is if we dropped the insurance sometime in 2022 and got a refund on the premium. I could take the deduction for the 2022 premiums next year but I don't know if that would be right.

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1 Best answer
Employee Tax Expert
Jan 30, 2022 9:49:20 AM

As you are on a cash basis on your tax return, you can deduct the premiums that you paid in advance in 2021.

1 Replies
Employee Tax Expert
Jan 30, 2022 9:49:20 AM

As you are on a cash basis on your tax return, you can deduct the premiums that you paid in advance in 2021.