Are medicare supplement insurance payments tax deductible?

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Can you get Medicare supplement when you get insurance at work?

If you already have Medicare Part A and are enrolled in Medicare Part B, you can get a Medicare Supplement. When it comes to having insurance at work, take a look page 16 in the 2009 Medigap Book:.

Are cobra payments tax deductible?

Answer . Well...not exactly. (And as an aside, the medical benefit given to you when you were an employee wasn't taxable). Medical costs, including health insurance (which is what COBRA is) are only deductible to the amount they exceed a fairly large (I believe its 7.5% ) of adjusted gross inc (MORE)

Is medicare tax calculated on COLA payments?

If the COLA is on something, like a contract wage, that was FICA taxable, then yes. The FICA taxableness is based on what the payment is actually for...not how it's calculated (which is what the COLA does).

Are mortgage insurance premiums deductible on your taxes?

No they are not or the death benefit would be taxable.. Since you said mortgage insurance I am assuming that you mean PMI or Private mortage insurance and not mortgage life insurance. Yes, mortgage insurance is tax deductible as of 2007. You can see the amount of PMI paid for the year on the fina (MORE)

Can a Medicare provider bill a secondary insurance for the Medicare deductible?

This is directly from the Medicare and You 2009 Book:. When you have other insurance, there are rules that decide whether Medicare or your other insurance pays first. The insurance that pays first is called the "primary payer" and pays up to the limits of its coverage. The one that pays second, cal (MORE)

Can someone get medicare supplement insurance under age 65 and who with?

check your states department of insurance website for a full list of companies, and of course there are usually medicare advantage plans that are much more affordable for those on disability and medicare. or call your local agent, but don't assume he knows everything about every company. your state (MORE)

How do you get a supplement insurance to Medicare when you are under 65?

If you are on Medicare due to disability or End Stage Renal Disease(is this the reason you have Medicare under age 65?), you will need to look into a Medicare Advantage Plan instead of a Medicare Supplement also called Medigap.. This is what Medicare says:. If you are a person with Medicare under (MORE)

Is bond interest payments tax deductible?

Bigger is not always better. A home with a big bond is not an investment, warns Schaefer. "People tend to buy bigger houses and take on bigger bonds as their jobs improve but this just means paying larger monthly instalments," he said. It will make far more sense to live in a smaller house and inves (MORE)

Can you Deduct tax payments from the previous year?

Yes, unless it's been past three years. They have five years to eat you alive though.. ans . For the previous year -as below...from the previous year (as in made then) - even if applicable, no, only in the year they are paid. File an amended.. State Tax payments are deductible from Federal, when (MORE)

Will supplemental insurance pay for auto claims that medicare doesn't?

If you are speaking of automobile claims, Medicare and Medicare supplements are not related to automobile claims. Automobile insurance should pay the claims related to the vehicle, especially if you were injured. Medicare and Medicare supplements pay hospital and medical bills related to your health (MORE)

Are estimated tax payments deductible?

No - even taxes actually paid aren't deductible from determining taxable income - from which your tax is due. (That would be completely circular).. If estimates were deductible..I'd make an estimate of enough to lower my taxable income to 0 - or low enough to not pay tax at least....and get a refun (MORE)

Are tax payments deductible?

Estimated Income tax payments are not deductible in figuring out what your taxable income is, that determines how much your actual income tax is. See, that's circular.

What is the limit on earnings subject to a medicare tax deduction?

I suspect you mean wages subject to the FICA contribution/payment. (The payment is generally NOT deductible in determining taxable income).. 2007 . The maximum amount of wages subject to the social security tax for 2007 is $97,500. There is no limit on the amount of wages subject to the Medicare (MORE)

What medicare supplement insurance is most popular?

Most medicare beneficiaries choose a plan F, which is the most popular standardized medigap plan. As far as companies go, it's been my experience that people tend to go with the cheapest plan in their state, since every companies Plan F is the same as far as benefits go. Most people also usually (MORE)

Are income tax payments deductible?

State income tax payments are deductible on your federal income tax return. (You may deduct state income tax or sales tax, but not both.) Federal income tax payments are deductible on your state tax return in a tiny number of states.

Can you deduct group insurance premiums on taxes?

Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.

Are house rental payments tax deductible?

No, sorry. That's why owning a house is better for tax purposes but even then the principal payments are not deductible, only the interest on each one added over the whole year.

Can you buy Medicare supplemental insurance if you have Medicare carve out coverage?

Please explain your question more thoroughly if my answer does not suffice. I am unsure of what you mean by Medicare Carve Out Coverage. You can buy a Medicare Supplement at any time once you have received your Medicare Part A and Part B. If you do not enroll within 6 months of your Part B effective (MORE)

Are bankruptcy payments tax deductible?

Absolutely not. Bankruptcy payments are repayments for debts thatyou incurred in the past and did not pay. There is no circumstanceswhere these could be deductible on your income taxes.

Would a supplemental insurance help cover the deductions and copays?

There are some supplemental insurances that will cover incidents that come up. You use the money as you see fit. Usually though, you are really saving money by taking an insurance that has a higher deductible/copay since the premiums are lower. We are so used to an all-encompassing insurance plan, b (MORE)

What is the deadline for choosing a supplemental insurance plan if you are on Medicare?

6 months prior and 6 months after your Medicare Part B effect month is your guaranteed issue period. During that time you can join a Medicare supplement plan without answering health questions. After that time period you can join a supplement plan at any time but you may be subject to the companies (MORE)

Can insurance co-pay be tax deductible?

If you are referring to a MEDICAL/HOSPITALIZATION insurance co-pay, yes, that is deductible as a medical expense. And on property/casualty insurance, it may be deductible as a casualty loss.

Can you deduct life insurance on taxes?

Generally as personally owned life insurance you would not deduct the premiums on your taxes. This would make the normally nontaxable death benefit subject to taxation.

How can you deduct alimony payments when paying taxes?

Alimony payments are deductible as an above-the-line deduction on your Federal income taxes. They are reported on Line 31a of Form 1040 for 2010. Note that Line 31a also requires you to report the Social Security Number of the person you paid alimony to, because it will be considered taxable inco (MORE)

Are medicare part b premiums tax deductible?

Yes is the short answer but there are some guide lines to be followed. . How Much of the Expenses Can You Deduct? . You can deduct on Schedule A (Form 1040) only the amount of your medical and dental expenses that is more than 7.5% of your AGI(Form 1040, line 38). In this publication, the term "7 (MORE)

Can I deduct my pension payment on my taxes?

You need to consult an accountant who knows the law in the county in which you are paying tax. However in general contributions made to a pension plan out of earnings are tax free, while pension taken out of a pension pot are subject to tax. ans In the US, contributions in to certain sa (MORE)

Is business travel insurance tax deductible?

If you are self-employed you likely will be able to claim your travel insurance as a deduction. If you are not self-employed a portion of the travel insurance may be tax deductible.

Is a health insurance rider tax deductible?

I think you maybe using the wrong verbiage here? Usually the term "Health Insurance Riders refers to exclusions for Pre-existing conditions that are excluded from your policy! Do you mean Health Insurance Premiums? Premiums are the amount you pay monthly or yearly to be insured. If you mean premiu (MORE)

Who pays the cost of medicare supplement insurance?

Medicare is a federal health insurance program that pays some of the health care expenses for people who are 65 or older. It will also pay for health care for people who are eligible because of a disability or qualifying health condition. You can buy Medicare supplement insurance to help pay some (MORE)

Why would someone choose to get Medicare Supplemental Insurance?

Standard Medicare only covers about 80% or medical expenses such as doctors visits and prescriptions. Medicare Supplemental Insurance, or "Medigap", will cover that last 20%. For those heading into retirement years, when medical expenses seem to increase at the same time as one moves into a fixed or (MORE)

Who offers the best price on Medicare Supplemental Insurance in California?

Many companies offering Medicare Supplement insurance in California offer competitive rates. In order to determine the "best price" you have to compare plans from several companies. You can get quotes from different companies through a health insurance agent, agency or broker that is contracted wit (MORE)

What is Medicare Supplemental Insurance?

Medicare supplemental insurance is insurance that helps cover some of the healthcare cost that the original medicare doesn't cover. This type of insurance also covers certain policies that the original medicare itself doesn't cover such as being ill when outside of the US.

What kind of insurance is tax deductible?

Insurance for one's personal property such as auto or homeowner's insurance is tax deductible. Other tax deductible insurances are medical and dental insurances.