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Is the medicare Part premiums deducted from my Social

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Is the medicare Part B...
Is the medicare Part B premiums deducted from my Social Security benefits tax deductable?
Thanks
Submitted: 2 years ago.Category: Tax
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1/27/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,062
Experience: 15years with H & R Block. Divisional leader, Instructor
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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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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years 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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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

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

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

Please advise if you need more information about medical deductions.

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