Can I Deduct My Medicare Premiums?

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NOTE: Medicare Penalties are NEVER deductible!

Timeline:

0:00 Intro
0:28 CAN I DEDUCT MY MEDICARE PREMIUMS?
1:15 INDIVIDUAL
1:50 ARE MEDICARE PREMIUMS TAX-DEDUCTIBLE?
2:00 EXAMPLE: BOB, RETIRED, NOT WORKING
2:25 BOB CAN WRITE OFF ANYTHING ABOVE $3500
2:58 ANYTHING PAID OUT YOUR POCKET IS DEEMED ELIGIBLE
3:13 EXAMPLES OF DEDUCTIBLES
3:47 DENTAL, VISION AND HEARING IS INCLUDED
4:37 YOU CAN ALSO INCLUDE YOUR PREMIUMS
4:46 NOT ELIGIBLE
6:03 WHAT IF IM SELF-EMPLOYED?
7:22 CAN MY EMPLOYER PAY MY PREMIUMS?
8:50 IF THE EMPLOYER HAS 20 OR MORE EMPLOYEES:
9:50 SUMMARY

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[mjemigh]

My policy has always been to save every receipt for every thing and let someone else figure it out. It's worked for me for a half-century.

[alancravitz]

I thought that if I worked for a company with more than 20 employees I had to be on the company plan and could not sign up for Medicare Part B. Is that incorrect? Thanks.

[im_agine]

So if my employer has 25 employees, I don't have to sign up for Medicare? What does that do when I quit working? Won't I have a penalty to pay for getting Medicare late?

[pcveslu]

I have a medical account set up thru my employer to pay for uncovered expenses . Is the amount I use in a year count as a deduction?

[nancygospo]

Are the "rules" any different if I file joint income tax returns with husband? We are both retired but I'm going to take on some project work this Fall after I enroll in Medicare.