I paid medicare premiums but they are not shown on my 1099 R. Where do I enter them on my tax forms.
My wifes are shown on her 1099 R.
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Medicare premium payments would not show up in a 1099 R but generally show up in a 1099 SSA social security tax statement. These are claimed as an itemized medical expenses as medical premiums only if you can claim itemized expenses during the year.
Dave they're not listed on the 1099 SSA. Where they do show is on the paperwork I received from RRB, my wife worked for the RR so I receive a RRB benefit from them. On the form I received in 2018 from RRB detailing my benefit from RRB and Social security for 2019 shows medicare premiums withheld from my monthly check.
As I mentioned before this amount does not show on the SSA 1099 or the RRB 1099 R. The premiums were taken out - so where would I input them?
Medicare premiums reguardless of how you pay them are an itemized medical deduction if you can itemize.
For 2018 and 2019 many taxpayers that itemized in the past will find that they can no longer itemize because the standard deduction has doubled so all of their itemized deduction s no longer exceed the standard deduction.
Only if all itemized deductions exceed the standard deduction will it be of benefit.
Not all itemized deductions count the full amount. Medical expenses are reduced by 7.5% of AGI so if your AGI is $30,000, for example, then only medical expenses more than $2,250 would be an itemized deduction.
The 2018 tax law also caps the total of Sales tax OR State and local income tax, Property (real estate and personal property) taxes at $10,000.
Mortgage insurance premiums. The itemized deduction for mortgage insurance premiums expired on December 31, 2017.
Mortgage interest on loans after Dec 16, 2017 may be limited.
The Mortgage must be secured by the property to qualify.
Interest on home equity loans and lines of credit are deductible only if the borrowed funds are used to buy, build, or substantially improve the taxpayer’s home that secures the loan.
You can check the actual amount of itemized deductions by using the Search Topics for "itemized deductions, choosing" (under "My Account, Tools" in the online versions). Click on "Change my deduction". That will display the actual amount of itemized deductions vs. the standard deduction. (Be sure to uncheck "Change my deduction" after checking it so you do not lock in the wrong deduction.
2019 standard deductions
$12,200 Single
$18,350 Head of Household
$24,400 Married Jointly
Add an additional $1,300 for over age 65 or blind
This amount increases to $1,650 if the taxpayer is also unmarried.
look closely at the 1099-SSA - in Box 5 is the social security gross amount.
but if you look down the left, it reconciles from that gross amount down to the cash you actually received. You;ll see the medicare premiums (part B, C, D) reconciling from the gross to the net. it reconciles Box 3
What I found out talking to the RRB, is because 1) I'm receiving my SS benefit through the RRB, and 2) and I'm receiving a benefit from RRB because my wife worked for the RR, my medicare payments are not tracked by either organization therefore they are NOT listed on my 1099 SSA or 1099 R.
RRB retirement will be providing me with a document showing my medicare payments.
Thanks to those that helped out.
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