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Do i count medicare premiums for medical expenses?

 
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2 Replies
DavidS127
Expert Alumni

Do i count medicare premiums for medical expenses?

Yes, medicare premiums are counted as medical expenses in the calculation of itemized deductions.  Or, if you have self-employment income, you can count them as self-employed heath insurance premiums, which is generally more favorable than counting them as an itemized deduction.

 

Note that only medical expenses that exceed 7.5% of adjusted gross income (AGI) are counted as itemized deductions.

 

And, if your total itemized deductions (medical, taxes paid, mortgage interest, charitable contributions) are less than the standard deduction for your filing status, you generally want to choose to use the higher standard deduction.  TurboTax will use the higher of your standard deduction or itemized deductions, unless you choose otherwise.

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Do i count medicare premiums for medical expenses?

If you are collecting Social Security benefits, when you enter your SSA1099 your Medicare premiums automatically flow from that to the medical expense section, so you do not have to enter Medicare again.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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