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Your 2024 Medicare Choices and How They Affect Your Taxes As we step into 2024, it’s important for Medicare beneficiaries to understand how their coverage choices impact their federal taxes. While the?enrollment decisions?have been made, there are still important considerations for managing the tax obligations effectively throughout the year. Here’s what you need to know and tips for managing them.

Ever wondered who pays the taxes on a Qualified Income Trust? Or if there's a K-1 for reportable income and dividends??? ?? A Qualified Income Trust doesn't hold assets or securities; hence, no dividends or reportable income.?? ?? In essence, it's a non-interest-bearing checking account used to receive excess income over the Medicaid income cap.?? ?? The silver lining? You don't need to file a tax return on it.?? ?? The downside? There's no reportable income to pay taxes on.?? ?? Still, it's a fantastic tool, reliable and effective in enabling those slightly over the income threshold to qualify for Medicaid long-term care benefits.?? ?? So, you can get the care you need without denial due to some extra dollars going over the cap.?? ?? We hope this brings some clarity to your day!?? ?? Call us today and let's schedule your complimentary initial consultation to help you understand this topic more!?? ?? ---?? ?? Share if you find this helpful.??? ?? Tag someone who needs this.??? ?? Follow #MortellaroLaw for more.??? ?? #Medicaid #IncomeTrust #HealthcareBenefits #EstatePlanning #ElderLaw #AssetProtection #FloridaEstatePlanningAttorney #FloridaElderLawAttorney #FloridaAssetProtectionAttorney

Your 2024 Medicare Choices and How They Affect Your Taxes As we step into 2024, it’s important for Medicare beneficiaries to understand how their coverage choices impact their federal taxes. While the enrollment decisions have been made, there are still important considerations for managing the tax obligations effectively throughout the year. Here’s what you need to know and tips for managing them. Medicare Premiums and Tax Deductions Itemizing Medicare premiums: Premiums for Medicare Parts B and D and Medicare Advantage plans may be deductible as medical expenses on federal tax returns if they exceed 7.5% of your adjusted gross income (AGI). Read more:

It's Tax Tip Thursday! Turning 65? Make sure that you register for Medicare even if you are currently covered by a workplace plan! Failing to do so can result in permanent higher Medicare premiums. #themoreyouknow #JohnsonCPA #taxtipthursday

Are Medicare Premiums Tax Deductible? The idea of saving money always evokes positive feelings. So, let's see if we can deduct Medicare premiums. Generally, Medicare premiums, including Part B, Part D, and Medicare Advantage premiums, may be tax deductible under certain circumstances. If you're self-employed and not eligible for an employer-subsidized health plan, you may qualify to deduct Medicare premiums, along with other medical expenses, as a business expense. For those who itemize deductions, Medicare premiums can be included as part of your medical expenses, potentially reducing your taxable income. While Medicare premiums can be tax deductible, it's crucial to review IRS guidelines and consult a tax professional to ensure eligibility and maximize deductions. Staying current with tax regulations can lead to significant savings and financial planning opportunities. Remember to stay informed and seek advice tailored to your unique circumstances. Whether you're a self-employed individual, retired, or an employee of a corporation, understanding the tax treatment of Medicare premiums is essential. Send me a DM and I will help you to make informed decisions about Medicare and financial well-being! #TaxTips #FinancialPlanning #Medicare #TaxDeductions #PersonalFinance #Savemoney #MedicarePremiums

Do you know someone turning 65? Let Gleason Tax Advisory help through the medicare process. Remember, there’s no out-of-pocket cost for a Medicare Consultation with Bruce. https://loom.ly/umVfvTM #MedicareHelp #Turning65

Smart Tax Strategies for 2024: Save on Social Security & Medicare! Contact us now for more details. #taxstrategies #2024taxes #savemoney #socialsecurity #medicare"

Smart Tax Strategies for 2024: Save on Social Security & Medicare! Contact us now for more details. #taxstrategies #2024taxes #savemoney #socialsecurity #medicare"

Political sleight of hand: Kamala Harris has proposed changes to Medicare and Medicaid, including a version of “Medicare for All.” Key points include tax implications: source, Copilot AI - Income-Based Premium: A 4% tax on households earning over $100,000 annually. - Top Marginal Income Tax Rate: Increase to 39.6% for the top 1% of earners. - Corporate Income Tax: Raise from 21% to 35%. - Financial Transaction Tax: 0.2% on stock trades, 0.1% on bond trades, and 0.002% on derivative transactions. The estimated total cost of Medicare for All is up to $40 trillion over a decade. Extending the transition period could decrease this cost, though specific new estimates were not provided. These proposals aim to expand healthcare coverage but have significant tax implications, especially for high earners and corporations. If you have questions, feel free to ask!

Your 2024 Medicare Choices and How They Affect Your Taxes As we step into 2024, it’s important for Medicare beneficiaries to understand how their coverage choices impact their federal taxes. While the enrollment decisions have been made, there are still important considerations for managing the tax obligations effectively throughout the year. Here’s what you need to know and tips for managing them. Medicare Premiums and Tax Deductions Itemizing Medicare premiums: Premiums for Medicare Parts B and D and Medicare Advantage plans may be deductible as medical expenses on federal tax returns if they exceed 7.5% of your adjusted gross income (AGI). Income-Related Monthly Adjustment Amount (IRMAA) Impact on high earners: Beneficiaries with higher incomes face the IRMAA surcharge for Medicare Parts B and D, based on income reported two years prior. Tax management: It’s crucial to manage income levels to potentially mitigate the impact of IRMAA surcharges for future years. Learn more: