Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Author: cstrohm Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121568  
Subject: Medical insurance premium question Date: 2/22/2004 8:45 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
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.)

TIA

Print the post Back To Top
Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 69986 of 121568
Subject: Re: Medical insurance premium question Date: 2/22/2004 10:05 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
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.)

Yes, they do, but only if there are sufficient itemized deductions and medical deductions to overcome the various thresholds. If you are certain that she takes the standard deduction, there is no need to enter her Medicare premiums.

Ira


Print the post Back To Top
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Advertisement