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Booknerd24
Returning Member

My wife started paying Medicare premiums in 2020. She is not receiving any social security benefits yet. Are the premiums deductible?

My wife enrolled in Medicare in March, 2020 and started paying many premiums.  She is not receiving any Social Security benefits yet. She is paying premiums for: Medicare (quarterly), United Health Care (monthly), Part D prescription (monthly), Vision (monthly), and Dental (monthly). Which, of any of these, are deductible? Do I put this in TurboTax under "medical insurance premiums"? 

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MaryK4
Expert Alumni

My wife started paying Medicare premiums in 2020. She is not receiving any social security benefits yet. Are the premiums deductible?

The Medicare and supplemental payments are all qualified deductible expenses.  You will enter as medical insurance premiums.  

 

If you itemize your deductions for a taxable year, 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 7.5% of your adjusted gross income. 

 

Payments for insurance premiums you paid for policies that cover medical care can provide payment for treatment that includes:

  • Hospitalization, surgical services, X-rays;

  • Prescription drugs and insulin;

  • Dental care;

  • Replacement of lost or damaged contact lenses

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
MaryK4
Expert Alumni

My wife started paying Medicare premiums in 2020. She is not receiving any social security benefits yet. Are the premiums deductible?

The Medicare and supplemental payments are all qualified deductible expenses.  You will enter as medical insurance premiums.  

 

If you itemize your deductions for a taxable year, 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 7.5% of your adjusted gross income. 

 

Payments for insurance premiums you paid for policies that cover medical care can provide payment for treatment that includes:

  • Hospitalization, surgical services, X-rays;

  • Prescription drugs and insulin;

  • Dental care;

  • Replacement of lost or damaged contact lenses

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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