Quote:
Originally Posted by Buehler445
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.
|
Thanks. With the standard deduction being around 10K for filing single, I have a hard time getting to that amount. House is paid, no car loans, etc.