Submitted By: Scott
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.

Tags: Medicare
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Tax Glossary

Accelerated depreciation

Depreciation methods that allow faster write-offs than straight-line rates in the earlier periods of the useful life of an asset. For example, in the first few years of recovery, MACRS allows a 200% double declining balance write-off, twice the straight-line rate.

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