Medicare premiums

[ksmil]

My husband get retirement from a 1099R  (qualified plan) and not from Soc. Sec.  No where on that form does it show anything about Medicare premiums paid. It is taken out of our checking monthly.  We also do not have an HSA.  Turbo tax, keeps saying I must use standard deduction, and I can't enter in the Medicare premiums, nor find where to even post there.  Can I pls get some help?  thanks 

(I get a SSA1099R and it does show how much I pay into Medicare premiums) 

[xmasbaby0]

If you pay your spouse's Medicare premiums out of pocket you can enter them as a medical expense.

MEDICAL EXPENSES

The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.)  expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2024—do not include any amounts that were covered by insurance or that are still outstanding.  Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.

To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600    (65 or older/legally blind + $1950)

MARRIED FILING SEPARATELY            $14,600    (65 or older/legally blind + $1550)

MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550)

HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)

[ThomasM125]

You can enter the Medicare premiums in the Deductions and Credits section, then Medical, then Medical expenses. Look for a screen called How much did you spend on insurance premiums? and choose the Medical insurance premiums option:

[ksmil]

So i paid $2,96.40 in Medicare prem.  my husband also pad the same, so that = $4,192.80 before i even start to write in my co-pays and Rx's for the year.  Turbo tax, won't even let me get to that screen, and i have all my income info in the there i do not wish to start over with a "new" tax return.  Is there a way to re-set the medical section?  I might have hit the button that said, "i do not have more than $5,000 in med expenses  by accident. 

[xmasbaby0]

@ksmil Before you get too stressed with this-----do you expect to have enough other itemized deductions to exceed your standard deduction?   Like mortgage interest and property tax?   If not, entering medical expenses is not going to have any effect on your refund or tax due.

[ksmil]

We rent an apt, so we do not have property tax, nor mortgage interest.  So all that money we paid out in Medicare premiums and medical can't be deducted?  I do not know why turbo will not even allow me to add in any dr. bills, premiums, anything this year.  it is blocked out.  It was not like this last year, you could put in things, and then turbo, says,  well, we suggest standard deduction for you.  But at least it allowed me to put in all my dr. bills and premiums. 

[ksmil]

it is not allowing me in this screen this year.  i have no idea, unless i hit the wrong button when it asked if i might have more than $5,000 and i hit it by acciden.t  how can i reset that?

[xmasbaby0]

Assuming you are both 65 or older, your standard deduction ----the amount of your income that is "tax free" is $32,300.    If you will not have enough itemized deductions to exceed $32,300, medical expenses will have no effect at all on your federal refund or tax due.    There are a few states in which the medical expenses might have some effect----what state are you in?

[ksmil]

Alaska

[ksmil]

Hi again,  I had written in yesterday that I lived in Alaska when you asked.  Do you have an answer on that one please?  thanks,  

Also, is there a way to re-set the medical portion of turbo tax, so i can list my dr. bills and Rx and at least try to see what it shows?  This yr, is doesn't allow you to correct a thing.  on turbo deluxe.  thanks

[BillM223]

Alaska does not have an individual income tax; therefore, there is no reason to worry about "There are a few states in which the medical expenses might have some effect". Alaska is not one of those states.

As for your other question about adding in your Medicare premiums and whatnot, go back to Tax Home (on the left), then click on Deductions and Credits on the right, then scroll down the list until you get to Medical Expenses and click the pencil for Edit.

This is for the Online product, but in this case, the desktop version of the product is not much different.

I am hoping that even if you pressed that button that you would not need to itemize, that you will still be able to do this.

[ksmil]

Hi again, thank you. It still won't allow me to change anything.  Can you pls help me with this question? I turned 65 in Feb of 2024. I was on a marketplace high deductible plan for 1 month.  Then signed up for Medicare with a Humana supplemental high deductible plan.   My husband was on Medicare and the Humana high ded. supp plan all of 2024.  Do I mark the box "were you part of a high ded. plan?( I wrote yes. )  Then it says were you part of a high ded plan, but failed to be eligible for other reasons.  This whole thing is confusing to me.  Then it won't allow me to pu any dr nor rx bills in at all.  ugh! thanks 

[BillM223]

"Do I mark the box "were you part of a high ded. plan?( I wrote yes. )  Then it says were you part of a high ded plan, but failed to be eligible for other reasons. "

Was this part of the dialogue when TurboTax asked you "What type of High Deductible Health Plan did [name] have on December 1, 2024?" If so, since you(neither of you) never had an HDHP policy, you should answer NONE - for both of you if the question comes up for each of you. You should never have gotten into that bunch of questions that follow which totally confuse you.

Next, follow the instructions I gave you yesterday morning about Medical Expenses (above), and see if you can enter the various premiums now.

Let us know of your success.