Your allowed to write off your premiums.

[Penelope]

Underneath schedule C they are private plans, Advantage Plans they are called. I wouldn't get a private plan, if they would kill me, I'll need a medigap and Part D for the rest of my life.

 

[debbiedowner]

Underneath schedule C they are private plans, Advantage Plans they are called. I wouldn't get a private plan, if they would kill me, I'll need a medigap and Part D for the rest of my life.

If you file a schedule C you can deduct your Part B and Part D premiums.

 

[Captain Caveman]

If America, allegedly, had the ability to put a bloke on the moon, why can't it get basic health care sorted?

 

[Penelope]

Advantage Plans, is the cause of the problem, everything goes to the private healthcare. There isn't any money for medigap and part d. Everything is going private, the republicans are the blame for this.

 

[Captain Caveman]

If you use the standard deduction you cannot write off health insurance premiums unless you are self employed and use a schedule C.

For 2023, they'll get the regular standard deduction of $27,700 for a married couple filing jointly. They also both get an additional standard deduction amount of $1,500 per person for being over 65.

In the UK, nothing to write off, no schedules of anything. The deduction here is £0, the cost is also £0.

If you want private health insurance in the UK, just ring the likes of Bupa. The only advantage of that is, you won't have to wait for treatment, as it varies. Or, just pay a few hundred quid if you can't wait for the likes of an MRI scan. Giving birth is free too, stopping in hospital is also free.

No algebra required either, no B, C, D anything.

 

[CarlinAnnArbor]

Premiums and deductibles may be some of your Medicare costs and may change every year. If you’re on Medicare, or soon will be eligible for Medicare, you will be happy to know that Medicare covers a lot of medical and preventive care. However, there are some out-of-pocket costs you may have to pay. Medicare Part A, Part B, Part C, and Part D can each have premiums and deductibles, although most people don’t have to pay a Part A premium.

https://www.ehealthinsurance.com/medicare/cost/medicare-premiums-and-deductibles/

were on medigap, part a and b and sripts ,we are allowed to write off 164.50 X 12.

Part A premiums; Part B premiums, deductibles, coinsurance, and copayments (for services and items Medicare covers)
.https://www.medicare.gov/medicare-savings-programs

"You're" allowed to ... Not, "your"

You're welcome

 

[debbiedowner]

Advantage Plans, is the cause of the problem, everything goes to the private healthcare. There isn't any money for medigap and part d. Everything is going private, the republicans are the blame for this.

The government has never paid for medigap plans, that is on the insured.

 

[Redfish]

Premiums and deductibles may be some of your Medicare costs and may change every year. If you’re on Medicare, or soon will be eligible for Medicare, you will be happy to know that Medicare covers a lot of medical and preventive care. However, there are some out-of-pocket costs you may have to pay. Medicare Part A, Part B, Part C, and Part D can each have premiums and deductibles, although most people don’t have to pay a Part A premium.

https://www.ehealthinsurance.com/medicare/cost/medicare-premiums-and-deductibles/

were on medigap, part a and b and sripts ,we are allowed to write off 164.50 X 12.

Part A premiums; Part B premiums, deductibles, coinsurance, and copayments (for services and items Medicare covers)
.https://www.medicare.gov/medicare-savings-programs

Underneath schedule C they are private plans, Advantage Plans they are called. I wouldn't get a private plan, if they would kill me, I'll need a medigap and Part D for the rest of my life.

I didn't think advertisements were allowed on USMB

 

[Penelope]

Paying for Medigap​

When you buy a Medigap policy, you’ll pay the private insurance company a monthly premium. Your insurance company will let you know how to pay for your monthly premium. You also have to pay your monthly Medicare Part B premium. Medicare doesn't pay the premiums for your Medigap policy. Premium amounts typically increase each year.

 

[Penelope]

Paying for Medigap​

When you buy a Medigap policy, you’ll pay the private insurance company a monthly premium. Your insurance company will let you know how to pay for your monthly premium. You also have to pay your monthly Medicare Part B premium. Medicare doesn't pay the premiums for your Medigap policy. Premium amounts typically increase each year.

I was wrong, your only allowed to write off 7.5% of your income.

 

[leftwinger]

I was wrong, your only allowed to write off 7.5% of your income.

Again, Regular people (even homeowners) use the STD deduction. They don’t write off anything or keep track anymore. No one has enough write-offs total, to exceed the STD deduction.

To get over $27K deduction level (property tax, mortgage interest, state tax in schedule 1?) you need to be very high earner in a very costly home (Financed at high interest rate). If you make $450K joint in a financed $4million home in Palo Alto CA….maybe you still use schedule 1?

Normal people don’t need to worry about all of it anynore. Not many have >$27K out of pocket costs to deduct.
God bless President Trump for the 2017 Tax fix!
Mt. Rushmore on that alone. Man hour savings off the charts. what used to take months now takes 15-30 min.

Other Presidents did nothing about it over many decades. President Trump fought Worthless Congress for our good!

 

[leftwinger]

I had almost forgotten but the SALT cap at $10K (Stte and local taxes) makes it even more difficult to exceed the $27K Married joint STD deduction. Gone are the days we subsidize Tom Cruise property taxes ($127k or whatever) in Malibu. Yes it all used to be deductible but no more thanks tp President Trump fighting the communist schumer piglousy bunch.

 

[WorldWatcher]

Interesting that some go with pointing out the urber rich in terms of SALT when in many states its the middle class that got screwed. Not only are they paying property taxes but over the 10K limit they have to pay income taxes on the same money as income they just used to pay government taxes.

Wonderful.

WW

 

[JustAGuy1]

I don't care, it's a write off.

No, it is not a write off.