The monthly charges for Medicare Part B can indeed be subtracted from your taxable income. Similar to other health-related expenditures, these premiums qualify as a reduction on your tax return. To claim a deduction for your Part B premium, certain criteria must be satisfied.
It’s feasible to benefit from the medical expense deduction, but adherence to specific guidelines is essential. If you’re aiming to utilize this deduction, you must file your tax return in a particular manner and itemize your deductions rather than opting for the standard deduction. You can only count your healthcare costs as deductible when they exceed 10% of your adjusted gross income (AGI).
Examining your unique financial scenario is important when determining if you should subtract your healthcare costs from your taxes.
