Are Medicare Premiums Tax Deductible in 2023? (I Didn’t Even Know THIS!)🤯

In this video, we explore the question "Are Medicare Premiums Tax Deductible in 2023?" and break down the rules and regulations around Medicare Taxes. The video explains the two ways to take medicare premium tax deductions on your federal income tax returns, either by itemizing medicare premium tax deductions or using the standard deduction.

The standard deduction amount varies depending on income, age, filing status, etc. The video explains which taxpayers are forced to itemize, including those who file a tax return for less than 12 months or who are non-resident aliens. On the other hand, certain taxpayers, such as non-resident aliens who are married to U.S. citizens, are eligible for the standard deduction. The video highlights that itemizing deductions, which include medical and dental expenses, may reduce taxes.

However, it's important to note that the information provided is not tax advice, and it's recommended to speak with an accountant for more specific information.

Marvin Musick from Medicare School discusses the standard deductions for different filing statuses, the additional deductions for those 65 or older, and much more that you'll have to watch to find out!

If you're searching for answers on whether Medicare Premiums are Tax Deductible in 2023, this is the video for you!

#medicare #retirement #medicareschool #medicareplans #medigap #medicaresupplement

[bikeny]

For those like me who are not accountants and don't have tax forms and their lines and meanings memorized, let me explain one little thing that bit me this year (2024). I got the IRMAA letter last year (Nov or Dec) and was quite surprised. Why? Because I misunderstood the phrase 'adjusted gross income' to mean the value AFTER the deduction (regardless of standard or itemized). I thought, right, my income was adjusted by the itemized deductions that I had. I had been watching the various YT videos about Medicare and Social Security and I was not worried about the capital gains of my 2022 house sale because I knew that I had large deductions to offset them.
Turns out I was completely wrong. Adjusted is BEFORE you subtract that deduction. So my IRMAA kicked in. Sure my taxable income was much lower and my tax bill was manageable. I am in the process of appealing the IRMAA.
For me at least it would not have been a huge wake-up call and I would have budgeted things differently if I had at least known I was going to get the letter.
Just wanted you all to be aware of it.

[carywinn]

Not sure Part B is what is meant by Supplemental. I think that would be plans f, g, n, etc.

[tjtexas]

Not able to deduct Medicare - but I was not aware standard deduction increases if you are 65 and over. 😮 This is likely to increase our refund another $150+. Thank you

[juliebolduc]

Why is it that persons who are “legally” blind get a deduction but people completely deaf do not??

[ShelLeader]

Can we deduct healthcare premiums on schedule C?

[miamivicefanatic]

Itemizing deductions made sense for taxpayers who could itemize a large dollar amount of mortgage interest, state taxes and property taxes. However, Trump's Tax Cuts and Jobs Act in 2017 changed all of that. The deductions for state and property taxes (aka SALT deductions) were capped at $10, 000. Also, the standard deduction was increased by a large amount. These two changes to the tax code had a profound impact on the number of taxpayers who itemized, especially in high-tax states such as California and New York.

[gracebe]

When you said ‘the supplemental part of Medicare insurance’……that sounded like the premiums that we pay on our plans F, G, N, etc…..not the regular Medicare premium. You mentioned ‘supplemental part’. I thought that the ‘supplemental part’ of Medicare was our Medigap?

[georgeballow]

Thanks for posting but this could have been covered in 30 seconds.

[rickiesurovich]

Individuals who stop receiving SSDI benefits can continue Medicare coverage for 93 months. However, unless they turn 65 within 93 months, beneficiaries will lose Medicare coverage until they turn 65 and age in. is this true?

[michaelheffling]

You neglect to mention that medical expenses are only deductible to the extent they are NOT COVERED (paid/rembursed) by insurance

[cynthiacasey]

Question what qualifies one to be head of household man or woman I am a single woman and I pay all the bills I have a 26-year-old daughter but she lives on her own but sometimes I end up helping her out with things helping her pay for her car or gas or helping her with hers now what makes me qualify as the head of a household I am not a man nor am I dating a woman I am not married to a woman so I guess question if you are saying his her they lesbian female single with a child or not a child does that qualify you for the $19, 000 or the other one what qualifies you as head of household and which one would I be using as a deductible for taxes

[DaveM-FFB]

If you have medical expenses which exceed 7.5% of your adjusted gross income, then you ve got significant financial issues that won't be solved by itemizing.

[ronpost]

While I never have enough to itemize on my Federal taxes, my Medicare, Medigap & dental premiums reduce my State tax burden.

[richardnunziata]

I alway have to ask how do they come up with the 7.5 percent ... why tax healthcare spending at all.

[danieldesimonedanny]

After Obama 3 X my health ins I swore I'll never pay income tax again. I refused medicare pt B and FU Bum I'm 67 now and doing great.

[MickyHunt]

Great information. I just found out that if I am self employed I can deduct these expenses on my business and take advantage of "Above The Line" deduction that does incur the 7.5% rule. Is that accurate?

[GilbertFleming]

I know a taxpayer can deduct skilled nursing expenses. But what about assisted living expenses? There’s something about six activities of daily living. How do you figure out if you’re assisted living expenses are tax deductible.?

[johntorkelson]

The IRS rules for the self-employed health insurance deduction clarify that

Medicare premiums you voluntarily pay to obtain insurance in your name that is similar to qualifying private health insurance can be used to figure the deduction. Amounts paid for health insurance coverage from retirement plan distributions that were nontaxable because you are a retired public safety officer can’t be used to figure the deduction.

The deduction cannot exceed the self-employed person’s earned income, after expenses. For example, if you have a net self-employment income (reported on a form like Schedule E or Schedule C) of only $10, 000, your deduction cannot exceed $10, 000. And the self-employed health insurance deduction is not allowed at all if employer-subsidized coverage is available

[paulkelly]

You should do a video about the IRMAA trap of filing married, filing separately. Married filing separately does two things, prevents you from reducing your MAGI by contributing to an IRA, AND basically eliminates the income indexing feature when determining IRMAA, and skips you to thev 250k plus level....

[Stocks]

If you do part time work as an independent contractor that qualifies to write off Medicare and insurance premiums correct?