Community Chat

[SharkE]

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!

[RainCityWoman]

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.

[151949]

I believe the first $17000 for an individual or $34000 for a couple of your SS is tax free. That way more than covers your medicare premium payments.

For DH & I this puts us in a low enough catagory that we don't have to pay any federal income tax at all. 

[SharkE]

I can't figure out if there making U pay tax on your medicare Part B premium by adding it to the overall total.

[151949]

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@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.

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Not everyone has enough medical expenses to deduct them. I also do not think you can deduct insurance costs as a medical expense.

[Nuttmeg]

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@151949 wrote:

I believe the first $17000 for an individual or $34000 for a couple of your SS is tax free. That way more than covers your medicare premium payments.

For DH & I this puts us in a low enough catagory that we don't have to pay any federal income tax at all. 

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http://www.nolo.com/legal-encyclopedia/taxes-social-security-benefits.html

[151949]

Sorry I got the numbers wrong - it is 25,000 single or 32000 couple.

Either way -- it is WAY MORE than your medicare premium.

[SharkE]

Just called hubbo at work (still working at 67 doesn't draw SS) he said yeah it's all added, but, you can deduct what, if any, you have paid out for Dr. bills which for us is not much because we're both healthy. Plus, we can deduct long term care insurance too. He seemed to think it wasn't a big deal.

I was floored when I saw they consider what your paying them for insurance as added income and tax you in the process. sheesh..............

[on the bay]

Yes, You can deduct medical premiums as a medical expense. I have every year and I get my taxes done