Are there any tax benefits tied to paying Medicare premiums as a retiree?
Answered by 5 licensed agents
Answered by Brian Krantz on March 25, 2025
Broker Licensed in NY, AK, AL & 48 other states
Answered by DeeDee Whitlock on April 1, 2025
Broker Licensed in LA
Answered by Paul Dzierzanowski on March 27, 2025
Agent Licensed in FL
Answered by Mel Stevens on March 28, 2025
Agent Licensed in AZ
For instance:
1. Medicare Part A, Part B, Part D, Medicare Advantage, and Medigap premiums can be deducted.
2. Self-employed individuals can deduct Medicare premiums pre-tax, even if they don't itemize deductions.
3. Health Savings Accounts (HSAs)* allow tax-free withdrawals to pay Medicare premiums after turning 65.
To claim these deductions, you'll need to itemize deductions on your federal income tax return (Form 1040) and complete Schedule 1.
As someone who's passionate about helping seniors navigate the complexities of Medicare, I'd love to help you make the most of these tax benefits.
If you have questions or would like to schedule a consultation, please don't hesitate to reach out. You can call me directly at 407-244-6951.
I'm looking forward to helping you optimize your Medicare coverage and maximize your tax savings!
Answered by Carmen Zorrilla on March 29, 2025
Broker Licensed in FL, AZ, KS & 7 other states
Tags: Advice for Seniors
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