Tax consequences of Medicare?

I am now getting SS and will get Medicare later this year. I plan on having the Medicare costs deducted from my SS.

Do the deductions reduce the amount of SS I get for tax purposes, or does SS remain the same even though I won't getting it all.

Do I count the medicare costs as medical expenses?

Thanks

Reply to
Frustrated
Loading thread data ...

The taxable amount remains the same. It's the same as if you got the full amount of Social Security and wrote a check for the Medicare premiums.

Yes. If you use tax software, the software will have you enter the Medicare premiums on the same screen where you enter the Social Security amount, and the software will automatically include the Medicare premiums in your medical expenses.

You will get a Form SSA-1099 each year showing the amount of your Social Security benefits and the amount that was taken out for Medicare.

Bob Sandler

Reply to
Bob Sandler

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.