Question

Medicare premiums

Forum|Forum|1 year ago
February 3, 2025
2 replies
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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)

X

xmasbaby0

Employee

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)

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

K

ksmilAuthor

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.

X

xmasbaby0

Employee

@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.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

T

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:

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K

ksmilAuthor

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?

X

xmasbaby0

Employee

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?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**