You may be able to deduct a portion of your Medicare Part B premiums on your income taxes. But to do so, you will need to have significant total medical expenses, and you must itemize your tax deductions.
Background
Part B is a supplemental insurance program within Medicare that pays for treatments and procedures not covered by Medicare's basic program, known as Part A, which applies to care received in hospitals and nursing homes. Medicare recipients have to pay premiums for Part B coverage. Those premiums are usually deducted from your Social Security benefits.
Deductibility
The Internal Revenue Service considers Part B premiums a "medical expense." If you itemize your tax deductions, you can deduct total medical and dental expenses greater than 7.5 percent of your adjusted gross income.
Claiming
Add up all your medical and dental expenses for the year, including Part B premiums, and enter the total on Line 1 of IRS Schedule A. Use Lines 2 to 4 to figure out how much of your total expenses are deductible.
Warning
The Medicare taxes that come out of your pay while you are working are used to pay for Part A coverage. They are not deductible on your income taxes.
Self-Employed
If you are self-employed with a profitable business, you can deduct Medicare Part B premiums as self-employed health insurance on line 29 of Form 1040.
