Quote:
Originally Posted by crayzkirk
2024 is going to be pretty standard, however, 2025 is going to be different because my income will be from SS, Annuities and IRA. I guess I should consult a CPA to see what I need to do. Been using H&R Block for decades, don't get me started on that rip off... new version every year that I use once.
For those tax experts, can I deduct my Medicare premiums? I got thrown into the bracket where they charge extra each month.
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Medicare premiums go on your Schedule A as medical insurance premiums. There is an income exclusion (I think for you it's 7.5% of your AGI).
So your schedule A goes like this
Medical expenses and Insurance less AGI*.075
+
State and local taxes
+
Home Mortgage Interest
+
charitable contributions
=
Schedule A deduction
If Schedule A deduction is larger than the Standard Deduction, you take the Schedule A deduction. If not you take the Standard Deduction.
In practice, you probably don't
gain much by deducting them. You can, if you were going to Itemize anyway.