Medicare Premiums

[ASW1]

Medicare is taking $170.10 twice out of my Social Security Check. One is for the Premium for 2022 and the other is due to IRMAA. Please tell me how to report these amounts on my 2022 tax return.

Thank you,

AW

[KarenL4]

Hi,  

You can include both the Medicare premium and the IRMAA as part of your medical expenses as an itemized deduction on Line 1 of the draft 2022 Schedule A.  Whether or not that will actual result in a tax deduction is depends generally on whether you can clear two more hurdles:

• Only medical expenses that exceed 7.5% of your Adjusted Gross Income are counted toward itemized deductions. 
• And the medical expenses that are allowed plus your remaining itemized deductions generally have to exceed your standard deduction for the deduction to benefit you.

Cheer below if this helps!