Medicare Tax Deductions 2023

Medicare Tax Deductions 2023: In 2020 15.5 million individuals itemized deductions according to the latest IRS data. Nearly 4 million took medical expense deductions. Here’s what seniors should know about deducting Medicare medical costs.

Who Itemized Their Taxes

The latest data shared by the IRS looks at 2020 individual tax filings. Some 15.5 million filers itemized deductions. This is important because deducting Medicare expenses means you exceed the Standard deduction amount.

1.3 million had Adjusted Gross Incomes (AGI) of between $60,000 and $75,000
2.o million had an AGI of between $75,000 and $100,000
4.8 million had an AGI of between $100,000 and $200,000
3.1 million had an AGI of between $200,000 and $500,000

Medicare Tax Deductions 2023

The following Medicare-related costs may be deductible.

Medicare Part A premiums. Most people don’t have to pay Part A premiums.

Medicare Part B premiums. Part B premiums can still be tax deductible even if they are deducted even if they are automatically deducted from your Social Security monthly payment.

Any Income-Related Monthly Adjustment Amounts (IRMAA). This is the surcharge for Medicare Part B. You can deduct the full amount.

Medicare Part D prescription drug plans costs. This includes the Medicare Part D charge  including the high-income surcharge.

Any premiums for Medicare Advantage (Medicare Part C) plans.

Premiums for Medicare Supplement insurance (also known as Medigap).

Read more about Medical tax deductions for seniors. There is much to know about the rules.

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