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Amount Paid to Social Security, Medicare, Railroad, U.S. or Massachusetts Retirement System

Article ID: 33556 Print
Question
Can I Deduct the Amounts Paid to Social Security, Medicare, Railroad, U.S. or Massachusetts Retirement System?

Answer

Railroad, U.S. or Massachusetts Retirement Systems, Social Security (FICA) or Medicare

 

If you have paid into any of the retirement systems listed above during 2014, you may deduct those contributions, up to a maximum of $2,000.

Enter in lines 11a and 11b the amount you, and your spouse if filing jointly, paid to Social Security (FICA), Medicare or Railroad Retirement and the U.S. or Massachusetts retirement systems during 2014 as shown on your Form W-2, but not more than $2,000 each. Payment amounts may not be combined or transferred from one spouse to the other. Be sure to add any amount of Medicare tax withheld as shown on Form W-2 and any amount of self-employment tax as reported on your U.S. Form 1040 to the amount of Social Security tax withheld, the total not to exceed $2,000 per person.

Note: Medicare premiums deducted from your Social Security or retirement payments are not deductible. Payments to an IRA, Keogh, Simplified Employee Pension Plan (SEP), or Savings Incentive Match Plan for Employees (SIMPLE) Account are not deductible for Massachusetts income tax purposes.

 

 


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Article Details
Views: 2406 Created on: Jun 15, 2013
Date updated: Aug 21, 2015
Posted in: STATES, Massachusetts

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