What is the $ amount of standard medicare deduction?

[aeo2412]

Or amount

[VolvoGirl]

There is no standard amount.  Your Medicare premium can vary depending on your prior year income.  Are you asking about a schedule A Itemized Deduction or the Deduction from your monthly SS checks?  

For your tax return you can only deduct the amount over 10% of your AGI.  And then if all your Itemized Deductions are more than the Standard Deduction everyone gets.

[SweetieJean]

It's 7.5 % of AGI, not 10%.
Or do you mean the Medicare payroll tax shown on your W-2?

[VolvoGirl]

I figured they are over 65 asking about Medicare.

[VolvoGirl]

Sorry I did get that backwards.

[SweetieJean]

It's 7.5% for 2017 and 2018, regardless of age.

[xmasbaby0]

If you are also receiving Social Security benefits, the amount of the Medicare oremiums you are paying from your SS flows over to the medical expense section when you enter your SSA1099, so do not enter it again.

[fanfare · Accepted solution]

The standard (typical) premium is $134 per month, or $1,608.

You may be paying more or  less than that depending on your circumstances; you can only deduct the amount paid.

[Update: now $135.50 per month.]

[aeo2412]

Forgot to mention I need the amount for 2017.
Your info was spot on! Thank you!

[VolvoGirl]

@aeo2412 why do you need the amount?  To check your monthly SS checks?  For taxes you need to enter it from the actual SSA-1099.  Did you get one?

[aeo2412]

Cant find it & clock is ticking for me!!

[fanfare]

Your medicare premium will be listed on your document SSA-1099

[aeo2412]

If I had that doc I wouldn’t need to ask!!!

[aeo2412]

There must me a standard amount that covers most retired people on SS.
Your previous answer was perfect if it was for 2017.

[aeo2412]

Moved, can’t find my forms, got locked out of SS site!!