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Can I itemize Medigap insurance premiums for both medical expenses and prescriptions expenses?

 
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3 Replies
HelenC12
Expert Alumni

Can I itemize Medigap insurance premiums for both medical expenses and prescriptions expenses?

If you're asking whether Medigap insurance premiums are tax deductible, yes they are.

  • Premiums for Medicare programs—Part B (supplemental medical insurance), Part C (Medicare Advantage), and Part D (voluntary prescription drug insurance)—are deductible.

To get the medical expense deduction, the sum of all your itemized deductions (which also includes things like donations and property taxes) must exceed your standard deduction amount.

  • You're only allowed to deduct medical expenses that go above and beyond 7.5% of your AGI.

 

Medicare Part A premiums aren't deductible if you're covered under Social Security or if you're a government employee who paid Medicare tax.

 

However, if you aren't covered under Social Security (nor a government employee who paid Medicare tax) and you voluntarily enrolled in Medicare A, you can deduct those premiums.

 

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Can I itemize Medigap insurance premiums for both medical expenses and prescriptions expenses?

You said, "Premiums for Medicare programs—Part B (supplemental medical insurance), Part C (Medicare Advantage), and Part D (voluntary prescription drug insurance)—are deductible."

 

But where in TurboTax can I enter them?  I see nowhere to put in the numbers.  How can it figure out if Medical is gt AGI if I can't enter the numbers?

 

Thanks!

FangxiaL
Expert Alumni

Can I itemize Medigap insurance premiums for both medical expenses and prescriptions expenses?

To enter your medical expenses or insurance premiums paid:

  1. Open or continue your return
  2. Click on Show more next to Medical in the Deductions & Credits section
  3. Click on Start/Revisit next to Medical Expenses
  4. Follow the instructions to enter your medical expenses.

 

 

@AuntScilly

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