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Submitted By: Scott
Answered: October 26, 2015 11:31 am
Answered: October 26, 2015 11:31 am
Do Medicare benefits count as income for determining whether I have to file my return? Do I pay taxes on Medicare benefits?
No. Medicare benefits are tax free; they don’t count as income for determining filing and are not taxed. What’s more, Medicare premiums are tax deductible if you itemize your personal deductions and don’t claim the standard deduction.
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Tax Glossary
Adjusted gross income (AGI)
Gross income less allowable adjustments, such as IRA, alimony, and Keogh deductions. AGI determines whether various tax benefits are phased out, such as personal exemptions, itemized deductions, and the rental loss allowance and modified adjusted gross income (MAGI).
