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No - Medicare premiums are NOT deducted before the taxable amount of your Social Security benefits are calculated.
The amount reported in Box 5 is used to calculate the taxable amount of your Social Security benefits (before subtracting Medicare premiums). The Medicare payments will flow to Schedule A (itemized deductions) as health insurance premiums.
Whether your Social Security
benefits are taxable depends on how much other income you have. Here’s a quick way to find out if
you have to pay taxes on your Social Security benefits: Add one-half of the
Social Security income to all other income, including tax-exempt
interest. Then compare that amount to the base amount for your filing status.
If the total is more than the base amount, some of your benefits may be
taxable.
IRS to help you fully answer the question. Click here: Are my Social Security Benefits Taxable
In your case: 1/2 of SS benefits (16,638) + 290 is less than $32,000 so none of your Social Security benefits are taxable.
No - Medicare premiums are NOT deducted before the taxable amount of your Social Security benefits are calculated.
The amount reported in Box 5 is used to calculate the taxable amount of your Social Security benefits (before subtracting Medicare premiums). The Medicare payments will flow to Schedule A (itemized deductions) as health insurance premiums.
Whether your Social Security
benefits are taxable depends on how much other income you have. Here’s a quick way to find out if
you have to pay taxes on your Social Security benefits: Add one-half of the
Social Security income to all other income, including tax-exempt
interest. Then compare that amount to the base amount for your filing status.
If the total is more than the base amount, some of your benefits may be
taxable.
IRS to help you fully answer the question. Click here: Are my Social Security Benefits Taxable
In your case: 1/2 of SS benefits (16,638) + 290 is less than $32,000 so none of your Social Security benefits are taxable.
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