Medicare Tax Deduction Limits
The money you pay towards Medicare is a medical expense, just like any doctor's bill, and is subject to the same federal tax deduction rules as all other medical expenses.
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Significance
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For any medical tax deductions, including Medicare deductions, you can only deduct expenses that are more than 7.5 percent of your adjusted gross income. So, if your income is $50,000 per year, then you would need to spend over $3.500 in a year on medical expenses in order to deduct any of your Medicare expenses.
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You can deduct money that you pay towards Medicare premiums, deductibles and co-pays, but you cannot deduct any money that Medicare has paid towards your medical bills. You can only deduct what has come from your own pocket.
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Considerations
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You can claim back Medicare expenses that you forgot to claim in a previous year by filing an amended return; however, you can only do this for up to three years. Foe example, if you originally filed the return in April 2008, then you have until April 2011 to amend it.
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