New Rockford Transcript - Official Newspaper of Eddy County since 1883

Savvy Senior: Can You Deduct Medicare Costs on Your Income Taxes?

 

January 14, 2019



Dear Savvy Senior,

Can I deduct my Medicare premiums, deductibles and copayments on my income taxes? I had a knee replacement surgery last year and spent quite a bit on medical care out-of-pocket and would like to know what all I can write off.

Frugal Dave

Dear Dave,

The short answer is yes, you can deduct your Medicare costs but only if you meet certain conditions required by the IRS. Here’s how it works.

As a taxpayer, you’re allowed to deduct many medical and dental expenses as well as your Medicare out-o...



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