I am retired and reached the age of 65 this year and started Medicare. Question: Is the Medicare Part B premium that is deducted from my Social Security payment tax deductible on Schedule B with other medical expenses? Preparing to file taxes with Medicare for the first and trying to understand what's allowed and not.
Thanks Charlie
Yes, on Schedule A line 1 where it might or might not provide a tax benefit.
And Ohio allows a deduction for federal Schedule A Line 4, even if you did not itemize.
And if filing separately, as I do since I file Ohio returns, since my wife's medicare B premiums are paid from our joint checking account, and since my Schedule A line 1 can include expenses for me or my spouse (or medical dependents) I get to deduct her Medicare premiums which, when reduced by 7.5% of a much smaller AGI, provide a nice tax benefit.
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