I did a search and found a thread back in 2005 about Medicare part B but did not go into Medicare supplement premiums. Assuming the age 65+ TP is retired (so is his spouse if applicable) thus pays his Med Supp premium on post tax basis. I looked at my "medical exp worksheet" and I see no place for Med Supp premium. Your thoughts and/or solution(s)?
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I think
if it's a premium for health insurance it's a deduction, but I've not looked anything up. -
Agree. Those policies are deductible as health insurance. I take them all the time.Comment
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Same here. Medical insurance premiums, no different than Blue Cross or any other med insurance.."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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In Drake software, there is an entry page for the 1098SSA with fields for entering the net benefits, insurance deductions and federal taxes withheld. It then automatically carries to the Schedule A as insurance deduction.
LTOnly in government or politics is a "cut in spending" really an increase. It's just not as much of an increase as they wanted it to be, therefore a "cut".Comment
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OP is talking about separate supplemental policies bought from insurance companies.Comment
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OK - I understand that. Perhaps I did not spell it out enough. I didn't really see why they would not be deductible in any case, but as a means of reasoning - if the part B premiums are deductible, then other supplemental plans would seem to follow in the same pattern.
Perhaps just my own weird way of thinking, since it did not seem to carry to other people.
LTOnly in government or politics is a "cut in spending" really an increase. It's just not as much of an increase as they wanted it to be, therefore a "cut".Comment
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