Medicare Insurance premiums
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Rick56
Member ✭✭✭
I am on Social Security now and I am trying to setup my paycheck so that the planner will see my items correctly. I created SS wages and SS Tax categories with the proper tax line items but I have a question about the Medicare insurance premiums. What tax reporting line item should I use for Medicare Insurance category?
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Comments
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That should be Schedule A for Medical Insurance.
I'm staying on Quicken 2013 Premier for Windows.
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Yes put it under either of the first 2. Actually under Doctors. If you read the Description for Doctors and scroll down it includes insurance. But you probably won't have enough deductions to itemize on schedule A on your tax return. And if you do itemize, for Medical you can only deduct the amount over 7.5% of your AGI. Only the total medical goes to schedule A, you don't really need to categorize it.
I'm staying on Quicken 2013 Premier for Windows.
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If you take a look at your most recent IRS 1040, Sched A ... there is NO line for medical/Medicare insurance. It's all lumped in with "Doctors, dentists, Hospitals". Go ahead and place it there in Q also.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
Schedule A is just one line for Medical and Dental expenses
https://www.irs.gov/pub/irs-pdf/f1040sa.pdf
I'm staying on Quicken 2013 Premier for Windows.
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Thanks folks. I really appreciate your time.0
