Re: Social Security question

151949 · ‎03-09-2010

@on the bay wrote:
Yes, You can deduct medical premiums as a medical expense. I have every year and I get my taxes done

Only if they exceed 10% of your adjusted gross income. I don't think medicare part B payments go that high.

on the bay · ‎03-09-2010

@151949 wrote:
@on the bay wrote:
Yes, You can deduct medical premiums as a medical expense. I have every year and I get my taxes done
Only if they exceed 10% of your adjusted gross income. I don't think medicare part B payments go that high.

Yes, I was just going to add that-You are right. It takes a lot of medical expenses really to get to 10% and that is the only way you can deduct the medical expenses. Thanks for clarifying that.

"If you walk the footsteps of a stranger, you'll learn things you never knew. Can you sing with all the voices of the mountains? can you paint with all the colors of the wind?"

RainCityWoman · ‎06-16-2015

@151949 wrote:
@RainCityWoman wrote:
You deduct the total from your medical deductions. It's part of your total SS monthly allotment, so I assume you pay tax on any income.
Not everyone has enough medical expenses to deduct them. I also do not think you can deduct insurance costs as a medical expense.

You can deduct all insurance premiums, all out of pocket medical costs that the insurance didn't pay, your parking fees at a medical facility, your fuel cost to get to and from, your dental premiums, plus out of pocket dental, your prescription drug premiums and out of pocket pharmaceuticals. Medical is one of the largest deductions offered on tax returns. Of course, you have to spend enough meet the qualification for I believe a percentage of your total earned wage, etc. At the cost of insurance, many people have no problem meeting that. If you don't believe me, go to Turbo Tax for answers.

RainCityWoman · ‎06-16-2015

Nope, none of it is tax free.

PINKdogWOOD · ‎05-13-2010

@SharkE I'd give them a call for explanation. Probably best to get your understanding direct from the source. I would do this.

KatieB · ‎03-10-2010

@SharkE wrote:
Just got my SS benefit statement today. First time for me since I just now turned 65 in Dec.

It shows the Medicare Part B premium deducted from monthly benefit
They added the premium amount to the overall benefit statement you don't pay taxes on the amount they take out for your Part B do you ? Surely not.

Thanks!

@SharkE

Yes you pay taxes on the amount before anything is deducted. It's just like a payroll check. Your gross wages are before any deductions.

CelticCrafter · ‎03-09-2010

@KatieB wrote:
@SharkE wrote:
Just got my SS benefit statement today. First time for me since I just now turned 65 in Dec.

It shows the Medicare Part B premium deducted from monthly benefit
They added the premium amount to the overall benefit statement you don't pay taxes on the amount they take out for your Part B do you ? Surely not.

Thanks!
@SharkE
Yes you pay taxes on the amount before anything is deducted. It's just like a payroll check. Your gross wages are before any deductions.

Actually no, not in all cases.

My daughter has her portion of her premium deducted from her check and it's excluded from taxable wages. The portion her company pays is also not a taxable benefit...

KatieB · ‎03-10-2010

@CelticCrafter wrote:
@KatieB wrote:
@SharkE wrote:
Just got my SS benefit statement today. First time for me since I just now turned 65 in Dec.

It shows the Medicare Part B premium deducted from monthly benefit
They added the premium amount to the overall benefit statement you don't pay taxes on the amount they take out for your Part B do you ? Surely not.

Thanks!
@SharkE
Yes you pay taxes on the amount before anything is deducted. It's just like a payroll check. Your gross wages are before any deductions.
Actually no, not in all cases.
My daughter has her portion of her premium deducted from her check and it's excluded from taxable wages. The portion her company pays is also not a taxable benefit...