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    TrueFan's Avatar
    TrueFan Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 4, 2015, 08:35 AM
    IRS Deductions
    If or rather when I turn 65 and start being covered by Medicare, can I deduct my premiums for Medicare from my taxes, provided I meet percentage requirements? Also, can I deduct secondary insurance premiums if I meet percentage?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 4, 2015, 05:51 PM
    Yes, you can deduct those premiums as itemized deductions.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Feb 5, 2015, 05:34 AM
    ATE, do they have to pass the threshold for medical expenses?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #4

    Feb 5, 2015, 11:31 AM
    Yes, but the OP seems to be aware of that requirement!
    catonsville's Avatar
    catonsville Posts: 894, Reputation: 91
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    #5

    Feb 5, 2015, 11:37 AM
    Aren't your medical costs deductible, any time, as long you meet the percent?
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
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    #6

    Feb 5, 2015, 12:30 PM
    Yes, catonsville, but this person is asking about the premiums, which many people don't realize. Plus the Medicare premium is deducted from our SS checks. We never get a bill and many people don't even know how much it is.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #7

    Feb 5, 2015, 12:31 PM
    Aren't your medical costs deductible, any time, as long you meet the percent?
    That's what I wanted to make clear, That medical insurance premiums are lumped in with all medical expenses and, only if you meet the threshold can you deduct.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #8

    Feb 5, 2015, 01:15 PM
    The premium ($1259) is on Form 1099-SA
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