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Financial Planning / Tax Strategies
|Subject: Medical insurance premium question||Date: 2/22/2004 8:45 PM|
|Author: cstrohm||Number: 69980 of 124815|
I'll get to the question after a little background.
Parents retired for 25 years hundred of miles away and always had taxes done by local professional. They moved back in the area about 18 months ago and father died. Mom had local professional do taxes for year when father died. She's asked me to do them this year.
She is very insistent that I know the amount of money she paid for medical insurance (Medicare Part B policy?) during 2003. She's pretty sure it will be needed to do her taxes. I use TaxCut. As I go through it, I can't find anywhere where medical insurance premiums are needed to be input.
Does a retiree's medical insurance premiums figure into federal taxes somehow? She takes standard deduction and owes no tax. (In fact she'll get back the money withheld from an IRA distribution.)
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