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April 8, 2024
Solved

I don't get social security, but I do pay Medicare Insurance premiums; can I deduct them on my tax return?

  • April 8, 2024
  • 1 reply
  • 0 views
I'm not self employed.
Best answer by VolvoGirl

Yes if you itemize deductions.  It  is under Medical

 

Enter Medical under
Federal Taxes Tab or Personal (for H&B)
Deductions and Credits
Then scroll way down to Medical
Then Medical Expenses - click Start or Update


You can only deduct the amount of unreimbursed Medical Expenses you actually paid over 7.5% of your AGI. So it might take a lot to be worth entering. 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.

1 reply

VolvoGirl
VolvoGirlAnswer
Employee
April 8, 2024

Yes if you itemize deductions.  It  is under Medical

 

Enter Medical under
Federal Taxes Tab or Personal (for H&B)
Deductions and Credits
Then scroll way down to Medical
Then Medical Expenses - click Start or Update


You can only deduct the amount of unreimbursed Medical Expenses you actually paid over 7.5% of your AGI. So it might take a lot to be worth entering. 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.