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dborsan
New Member

is medicare the same as healthcare.gov plan ?

my wife is pay medicare , can that be deducted ?
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3 Replies

is medicare the same as healthcare.gov plan ?

No. They are different. Your Medicare premiums are a medical expense deduction but only if you itemize. And you can only deduct an amount of total medical expenses greater than 7.5 percent of your AGI. 

kaminjr
Returning Member

is medicare the same as healthcare.gov plan ?

Previous reply is correct; however, your state may have a more generous threshold percentage. For myself in NJ, I don't have enough medical expenses to meet the Federal threshold, but do for NJ.  

 

ThomasM125
Expert Alumni

is medicare the same as healthcare.gov plan ?

They are similar in that they may both allow for an itemized deduction.

 

Medicare is considered an itemized deduction for medical expenses so to the extent using the itemized deduction option as opposed to the standard deduction is beneficial, it may benefit you. TurboTax will pick up your Medicare premiums from your social security benefits statement when you enter your Form SSA-1099 if you receive benefits. Otherwise, you would have to enter them in Deductions and Credits section, under Medical expenses

 

Although the deduction may be limited on your federal return, as mentioned by @Bsch4477 , it may be more easily deducted on your state return, as mentioned by @kaminjr .

 

 

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