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where do I enter the premiums for our Medicare d coverage?

 
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where do I enter the premiums for our Medicare d coverage?

To enter your medical expenses -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Medical
On Medical Expenses, click the start or update button

DaveF1006
Expert Alumni

where do I enter the premiums for our Medicare d coverage?

If your Part D premiums were taken directly out of your monthly check, they should be listed on your Form SSA-1099.

 

  1. Go to Federal > Wages & Income.
  2. Scroll to Retirement Plans and Social Security and click Start/Revisit next to Social Security (SSA-1099, RRB-1099).
  3. Enter the amount from your SSA-1099.
  4. After entering the main benefit amount, TurboTax will show a screen asking for Medicare premiums deducted from your benefits. Enter the Part D amount here.

Note: TurboTax will automatically "carry" this amount over to your medical deductions for you. Do not enter it again in the medical section or you will double-count it.

 

You paid the premiums out-of-pocket

If you paid your Part D plan directly (by check or credit card), you enter it as a medical expense.

 

  1. Go to Federal > Deductions & Credits.
  2. Scroll down to Medical and click Start/Revisit next to Medical Expenses.
  3. Proceed through the interview (you can skip types of expenses you didn't have) until you reach the screen titled "How much did you spend on insurance premiums?"
  4. Enter your total Part D premiums in the box for Medical insurance premiums.

These expenses are Itemized Deductions. If your standard deduction is greater than your itemized deductions, you won't see a difference in your tax return. Also, the IRS only allows a deduction for the portion of your total medical expenses that exceeds 7.5% of your Adjusted Gross Income (AGI). If your total medical costs are below that amount, you won't see a change in your tax due either.

 

 

  

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