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Part d deductions paid from bank account is that deductable

 
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Accepted Solutions
LeeM
New Member

Part d deductions paid from bank account is that deductable

Yes, it is. Medicare D, a voluntary prescription drug insurance premiums can also be included as medical expenses.

To enter those amounts, once you log into TurboTax, select

  1. Federal Taxes, then
  2. Deductions and Credits and
  3. Scroll down to Medical, select Medical Expenses, enter the total amount for all medical insurance premiums

View solution in original post

3 Replies
LeeM
New Member

Part d deductions paid from bank account is that deductable

Yes, it is. Medicare D, a voluntary prescription drug insurance premiums can also be included as medical expenses.

To enter those amounts, once you log into TurboTax, select

  1. Federal Taxes, then
  2. Deductions and Credits and
  3. Scroll down to Medical, select Medical Expenses, enter the total amount for all medical insurance premiums

Part d deductions paid from bank account is that deductable

Do you lump them all in one sum total for Medicare + Supplemental medicare plan + Rx plan? or are you suppose to list them separately?

 

Also, if you are doing a Schedule C for business where you have auto payments in your business for your supplemental account, do you list that on Schedule C or include it with your personal return total medical expenses?

KrisD15
Employee Tax Expert

Part d deductions paid from bank account is that deductable

You can enter that expense in either place, Schedule A or Schedule C. 

If you end up using the Standard Deduction, you should report the payments on Schedule C.

 

Deducting Medicare Payments 

 

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