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Supplemental Medicare Coverage

Forum|Forum|3 years ago
December 17, 2022
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Hi, I am paying for supplemental medicare insurance coverage and wanted to know if I could deduct the cost of the insurance on my tax return for 2022? I do not itemize. Thank you.

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Best answer by VolvoGirl

No. Only if you itemize. But You can only deduct the amount of unreimbursed Medical Expenses you actually paid over 7.5% of your AGI. And then all your itemized deductions have to be more than the standard deduction to get any benefit (so you would only be getting the benefit of the amount that puts you over the standard deduction). And since the Standard Deduction is increased more people will not need to Itemize.

VolvoGirlAnswer

Employee

No. Only if you itemize. But You can only deduct the amount of unreimbursed Medical Expenses you actually paid over 7.5% of your AGI. And then all your itemized deductions have to be more than the standard deduction to get any benefit (so you would only be getting the benefit of the amount that puts you over the standard deduction). And since the Standard Deduction is increased more people will not need to Itemize.