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#5
12-12-2005, 03:10 AM
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 Re: Medicare deduction from Social Security = medical expenses? AES wrote: - quote - > Does the Medicare deduction taken out of a retiree's Social
You're speaking of premiums for part B, therefore the answer> Secuity payment count as part of their medical expenses for > possible deduction on their Federal income tax return > (assuming total medical expenses are over the threshold > amount)? is yes. ChEAr$, Harlan Lunsford, EA n LA << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#4
12-09-2005, 01:04 AM
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| Re: Medicare deduction from Social Security = medical expenses? The premium for Medicare Part B is deductible under Code Sec. 213 (see Regs sec. 1.213-1(e)(4)(i)(a)(3), last sentence). Any amount withheld to cover Part A (i.e., the standard OASDI tax under Code Sec. 3101) is not deductible. (I realize that social security benefits are probably not subject to this tax, but I didn't have the time to fully research it, so I included the statement for clarity's sake.) << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#3
12-09-2005, 01:04 AM
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| Re: Medicare deduction from Social Security = medical expenses? AES <siegman[at]stanford.edu> wrote: - quote - > Does the Medicare deduction taken out of a retiree's Social
Yes.> Secuity payment count as part of their medical expenses for > possible deduction on their Federal income tax return > (assuming total medical expenses are over the threshold > amount)? -- D.F. Manno | dfm2a3l0t2[at]spymac.com Support the troops. Bring them home NOW! << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#2
12-09-2005, 12:44 AM
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| Re: Medicare deduction from Social Security = medical expenses? siegman[at]stanford.edu (AES) posted: - quote - > Does the Medicare deduction taken out of a
Yes. It is a medical expense.> retiree's Social Secuity payment count as part > of their medical expenses for possible > deduction on their Federal income tax return > (assuming total medical expenses are over > the threshold amount)? Many software programs will automatically insert it on Schedule A, if you've properly linked the Social Security entry on the appropriate 1040 line. Bill << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#1
12-09-2005, 12:44 AM
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| Re: Medicare deduction from Social Security = medical expenses? AES wrote: - quote - > Does the Medicare deduction taken out of a retiree's Social
Yes> Secuity payment count as part of their medical expenses for > possible deduction on their Federal income tax return > (assuming total medical expenses are over the threshold > amount)? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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12-09-2005, 12:43 AM
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| Re: Medicare deduction from Social Security = medical expenses? "AES" <siegman[at]stanford.edu> wrote: - quote - > Does the Medicare deduction taken out of a retiree's Social
Yes. See IRS Publication 502.> Secuity payment count as part of their medical expenses for > possible deduction on their Federal income tax return > (assuming total medical expenses are over the threshold > amount)? -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#-1
12-08-2005, 06:02 AM
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| Medicare deduction from Social Security = medical expenses? Does the Medicare deduction taken out of a retiree's Social Secuity payment count as part of their medical expenses for possible deduction on their Federal income tax return (assuming total medical expenses are over the threshold amount)? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
| Tags |
| deduction, expenses, medical, medicare, security, social |
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