About Karen Brawner Expertise I will help you with your questions regarding personal taxes and sole-proprietorships. I prefer not to answer questions regarding Coporations, Partnerships and LLC`s... Been in accounting and tax preparation field for 38 years, in business for myself in the same fields for 10 years prior to retirement due to disability.
Experience Been in the field of bookkeeping, accounting and tax preparation for 38 years. Had my own bookkeeping and accounting firm for 10 years and then turned it over to my daughter when I became disabled.
Question My husband and I are employed full time with a Corporate company and will be filing jointly.
I'm trying to collect my personal data for Medical Deduction Expense for Federal taxes. I understand that I can deduct the insurance premiums that I have paid for my health, dental and vision coverage.
Can I also include the amount that I've paid in to the FICA-Social Security and FICA-Medicare? The information on www.irs.gov site was a little confusing for me.
I appreciate your time in advance.
Answer Dear Joanne, NO......... First of all Social Security is NOT a medical insurance and when you are of age to retire, you will get this money paid back to you as retirement.... The medicare that is taken out of your pay check is for Medicare Suppliment Part A and when you retire, you will not have to pay for Medicare Part A since you are paying for it from your paychecks each week or how ever you are paid and it is NOT considered a medical insurance expense.... However, if you are already 65 or older and never paid into Medicare Part A through payroll deductions, and you VOLUNTARILY "pay" Medicare Part A, you can deduct it....
Once you actually retire (disability, age 62, 65 etc) and IF you choose to have Medicare Part B, it will cost you and the money will paid out of your total social security check you receive each month.... Then if you still have to file a tax return and IF you can itemize you can take the medicare premiums you paid for Medicare Part B....
Bottom line: social security is NOT medical insurance
medicare part A (what is currently being taken from your pay checks is NOT a medical insurance that you can deduct
When you reach retirement age or become disabled and if you pay for medicare part B, then and only then can you take it as a medical insurance deduction on the schedule-A
If you carefully read the instructions for the 1040-schedule-A pages A-1 and A-2 it will tell you exactly what I have written here.
