Yes - Medicare Part B premiums are deductible on your federal return as a medical expense. When you enter your Social Security benefits on the SSA-1099, TurboTax will automatically include this amount with the rest of your medical expenses.
. Please keep in mind the following about deducting your medical expenses:
- You don't get the benefit if you are taking the standard deduction.
- If you itemize deductions, you will only be able to take total medical expenses that are greater than 7.5% of your adjusted gross income.
To enter your medical expenses in TurboTax, please follow these steps:
- Click on Federal Taxes > Deductions & Credits [In TT Self-Employed: Personal > Deductions & Credits > I'll choose what I work on].
- In the Medical section, click on the Start/Revisit box next to Medical Expenses.
- TurboTax will then ask you if your total medical expenses exceed a certain number. [That's the 7.5% AGI mentioned above.]
- If you think your total medical expenses will exceed that number, continue through the interview, entering the requested information on your medical expenses.
