Solved: What is the $ amount of standard medicare deduction?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
aeo2412
New Member

What is the $ amount of standard medicare deduction?

Or amount
1 Best answer

Accepted Solutions
fanfare
Level 15

What is the $ amount of standard medicare deduction?

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.]

View solution in original post

16 Replies
VolvoGirl
Level 15

What is the $ amount of standard medicare deduction?

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
Level 15

What is the $ amount of standard medicare deduction?

It's 7.5 % of AGI, not 10%.
Or do you mean the Medicare payroll tax shown on your W-2?
VolvoGirl
Level 15

What is the $ amount of standard medicare deduction?

I figured they are over 65 asking about Medicare.
VolvoGirl
Level 15

What is the $ amount of standard medicare deduction?

Sorry I did get that backwards.
SweetieJean
Level 15

What is the $ amount of standard medicare deduction?

It's 7.5% for 2017 and 2018, regardless of age.
xmasbaby0
Level 15

What is the $ amount of standard medicare deduction?

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.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
fanfare
Level 15

What is the $ amount of standard medicare deduction?

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.]

View solution in original post

aeo2412
New Member

What is the $ amount of standard medicare deduction?

Forgot to mention I need the amount for 2017.
Your info was spot on! Thank you!
VolvoGirl
Level 15

What is the $ amount of standard medicare deduction?

@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
New Member

What is the $ amount of standard medicare deduction?

Cant find it & clock is ticking for me!!
fanfare
Level 15

What is the $ amount of standard medicare deduction?

Your medicare premium will be listed on your document SSA-1099
aeo2412
New Member

What is the $ amount of standard medicare deduction?

If I had that doc I wouldn’t need to ask!!!
aeo2412
New Member

What is the $ amount of standard medicare deduction?

There must me a standard amount that covers most retired people on SS.
Your previous answer was perfect if it was for 2017.
aeo2412
New Member

What is the $ amount of standard medicare deduction?

Moved, can’t find my forms, got locked out of SS site!!
Dynamic AdsDynamic Ads
v
Privacy Settings