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Can I deduct my Medicare part D payments on my tax return

 
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Can I deduct my Medicare part D payments on my tax return

rjs
Level 15
Level 15

Can I deduct my Medicare part D payments on my tax return

Your Medicare Part D premiums can be included in the medical expenses on your federal tax return. Your total medical expenses are reduced by 7.5% of your Adjusted Gross Income (AGI). Only what remains, if anything, is deductible. (Enter the full amount that you paid in TurboTax. TurboTax will subtract 7.5% of your AGI.)


If your Medicare Part D premiums are taken out of your Social Security benefits, TurboTax will automatically include the premiums in your medical expenses when you enter the premiums from your SSA-1099. Do not enter the premiums again under medical expenses.


Medical expenses are an itemized deduction. They will not reduce your tax or increase your refund unless your total itemized deductions are more than your standard deduction.


Some states might allow a deduction for medical expenses even if you cannot use it on your federal tax return.

 

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