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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15029
Experience:  15years with H & R Block. Divisional leader, Instructor
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Is the medicare Part premiums deducted from my Social

Customer Question

Is the medicare Part B premiums deducted from my Social Security benefits tax deductable?
Thanks
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Hello

Medicare B is a supplemental medical insurance. Premiums you pay for Medicare B are a medical expense.

Generally, you can deduct on Schedule A (Form 1040) only the amount of your medical and dental expenses that is more than 10% of your AGI. But if either you or your spouse was born before January 2, 1951, you can deduct the amount of your medical and dental expenses that is more than 7.5% of your AGI.

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Expert:  Robin D. replied 1 year ago.

Hello

It appears that you are asking if the $500,000 of gain exclusion under IRC 121 can be used after the marriage instead of the $250,000 for single.

Unfortunately no, the single exclusion amount would still apply because they were single in the year of the sale.

I know rating takes an additional step and I truly appreciate it when you take the extra time!
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Expert:  Robin D. replied 1 year ago.

Please disregard the second post. The system crossed 2 of my responses.

Expert:  Robin D. replied 1 year ago.

Please advise if you need more information about medical deductions.