Additional Medical Insurance Premiums

[sbeal414]

I am enrolled in Medicare Part B and my premiums for 2023 are entered in my SSA-1099. Is the premium I pay for my supplemental insurance, Part F, which I pay to BCBS deductible on the "Additional Medical Insurance Premiums"? 

[xmasbaby0]

Medical premiums you are paying out of pocket--not the ones deducted from your SS-- can be entered as a medical expense.  

If you receive Social Security benefits, your Medicare is deducted from your SS.   When you enter the SSA1099 for your Social Security, the amount paid for Medicare flows automatically to the medical expense section of the software, so do not enter it again.

MEDICAL EXPENSES

The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.)  expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2023—do not include any amounts that were covered by insurance or that are still outstanding.  Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.

To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses

2023 STANDARD DEDUCTION AMOUNTS

SINGLE $13,850  (65 or older/legally blind + $1850)

MARRIED FILING SEPARATELY $13,850  (65 or older/legally blind + $1500)

MARRIED FILING JOINTLY $27,700  (65+/legally blind) )  + $1500 per spouse

HEAD OF HOUSEHOLD  $20,800 (65 or older/blind)  + $1850)

[JohnB5677]

Yes, with a qualification.

You can post the additional premiums, however, there are two things involved to qualify for the deduction.

• You have to exceed 7.5% of your adjusted gross income.

You can preview your tax return by going to:

1. On the menu bar on the left that shows.
2. Select Tax Tools
3. On the drop-down select Tools
4. On the popup menu
5. Select View Tax Summary
6. On the left sidebar
7. Select Preview my 1040.
8. Schedules 1,2&3 are included if you scroll down past your 1040.
9. To return to the entry screens press Back on the sidebar.
10. Line 11 - Is Adjusted Gross Income

• Also, Your total if Itemized Deductions must exceed the Standard Deduction.

For single taxpayers and married individuals filing separately, the Standard Deduction is $13,850 in 2023. 

For married couples filing jointly is $27,700, and  

For heads of households, the Standard Deduction is $20,800

  

If you're at least 65 years old or blind, you can claim an additional deduction in 2023 of:

• $1,850 for single or Head of Household
• $1,500 for married or Qualified Surviving Spouse.
• If you're both 65 and blind, the additional deduction amount is doubled.

If I've misunderstood your question, and this does not completely answer it, please contact us again and provide some additional details.