Are Medicare Advantage Premiums Tax Deductible?
Medicare Advantage Plan premiums may be tax-deductible under certain circumstances, according to the Internal Revenue Service. Still, the number of people qualifying to take the deduction is nominal since taking it requires the taxpayer to itemize deductions on Form 1040. Most people don’t itemize; an estimated 90% of filers opt for the standard deduction instead, notes the Tax Policy Center.
Original Article Source Credits: Paying For Senior Care https://www.payingforseniorcare.com/
Article Written By: MARK GREGORSKI
Original Article Posted on: AUGUST 24, 2020
Link to Original Article: https://www.payingforseniorcare.com/medicare-advantage/tax-deductions-for-premium-cost