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lemont
New Member

Medicare Advantage Plan Deduction

Where do I deduct our Advantage Plans on the 1040?
1 Best answer

Accepted Solutions
Doc5108
New Member

Medicare Advantage Plan Deduction

Deduct Medicare Supplement Health Insurance Premiums.
First make sure your Medicare Supplement isn't being taken out of your Social Security.  If it is it needs to be entered when you enter your SSA-1099 form, otherwise you'll be taking the credit twice.  You can look on your SSA-1099 to see if it is listed there.

If it is Not being withheld on your SSA-1099 Form then you would enter it in the (Deductions & Credits) area.

Under the (Deductions & Credits) area
- Click on Federal Taxes  (Personal in Home & Business product)
- Click on Deductions & Credits
- Go down the Screen (Page) to Medical  Online you may have to Click on (Show more)
- Then Under Medical is (Medical Expenses) Click on Start or Update
- Go through the interview answering the questions and Entering anything that you have paid out of pocket and Not paid by Insurance.
- Then You'll come to a Screen (Page) where you'll see (Enter Additional Medical Insurance Premiums) Enter the amount where you see (Additional Medical Insurance Premiums) then Click on Continue and continue through that whole area.

Hope this helps.

View solution in original post

2 Replies
Doc5108
New Member

Medicare Advantage Plan Deduction

Deduct Medicare Supplement Health Insurance Premiums.
First make sure your Medicare Supplement isn't being taken out of your Social Security.  If it is it needs to be entered when you enter your SSA-1099 form, otherwise you'll be taking the credit twice.  You can look on your SSA-1099 to see if it is listed there.

If it is Not being withheld on your SSA-1099 Form then you would enter it in the (Deductions & Credits) area.

Under the (Deductions & Credits) area
- Click on Federal Taxes  (Personal in Home & Business product)
- Click on Deductions & Credits
- Go down the Screen (Page) to Medical  Online you may have to Click on (Show more)
- Then Under Medical is (Medical Expenses) Click on Start or Update
- Go through the interview answering the questions and Entering anything that you have paid out of pocket and Not paid by Insurance.
- Then You'll come to a Screen (Page) where you'll see (Enter Additional Medical Insurance Premiums) Enter the amount where you see (Additional Medical Insurance Premiums) then Click on Continue and continue through that whole area.

Hope this helps.

DDollar
Level 7

Medicare Advantage Plan Deduction

Medicare Advantage Plan premiums would be deducted as a Medical Deduction on Schedule A.  If you itemize your deductions for a taxable year on Form 1040, Schedule A (PDF), Itemized Deductions, you may be able to deduct expenses you paid that year for medical and dental care for yourself, your spouse, and your dependents. You may deduct only the amount of your total medical expenses that exceed 10% of your adjusted gross income or 7.5% if you or your spouse is 65 or older. The 7.5% limitation is effective only from January 1, 2013 to December 31, 2016 for individuals age 65 and older and their spouses. You figure the amount you are allowed to deduct on Form 1040, Schedule A.

In TurboTax you would enter it by going to:

  • Federal Taxes
  • Deductions and Credits
  • Medical
  • Medical Expenses

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