Don't Pay Quarterly Taxes, So What About SS & Medicare????

[DaisyMamma]

Hi everyone
My husband takes the max out of his check to make up for my not paying quarterly income tax. We still get a decent refund, so for now this is agreeable for us.

My concern is not necessarily SS, because I'm starting an IRA and putting in at least the amount SS would get, but what about medicare!

I've paid very little to medicare in my 20 years of working, so what happens when I retire? I still have 30 years before I retire so I want to address this now. I can't be without health insurance in my retirement years.
Is there a requirement of how much $ you pay into medicare to use it from retirement to end of life?
Can I pay into medicare only? Or SS and medicare only? without paying quarterly income tax, seeing as the amount you pay to SS/medicare is based on your quarterly income tax???

please help!!

Thank you all in advance!

[TomCopeland]

Hi everyone
My husband takes the max out of his check to make up for my not paying quarterly income tax. We still get a decent refund, so for now this is agreeable for us.

My concern is not necessarily SS, because I'm starting an IRA and putting in at least the amount SS would get, but what about medicare!

I've paid very little to medicare in my 20 years of working, so what happens when I retire? I still have 30 years before I retire so I want to address this now. I can't be without health insurance in my retirement years.
Is there a requirement of how much $ you pay into medicare to use it from retirement to end of life?
Can I pay into medicare only? Or SS and medicare only? without paying quarterly income tax, seeing as the amount you pay to SS/medicare is based on your quarterly income tax???

please help!!

Thank you all in advance!

You qualify to receive Social Security once you have worked for at least ten years. Once you qualify for Social Security you qualify for Medicare. You may also qualify for Medicare based on your husband's work history. You cannot pay into Medicare or Social Security only. You pay into both when you file Form 1040SE at the end of the year.

For more info, here's the Medicare website.: http://ssa-custhelp.ssa.gov/app/answers/topic_landing/c/103

[DaisyMamma]

You qualify to receive Social Security once you have worked for at least ten years. Once you qualify for Social Security you qualify for Medicare. You may also qualify for Medicare based on your husband's work history. You cannot pay into Medicare or Social Security only. You pay into both when you file Form 1040SE at the end of the year.

For more info, here's the Medicare website.: http://ssa-custhelp.ssa.gov/app/answers/topic_landing/c/103

Tom, I appreciate your quick reply!
So, what you are telling me is that I am paying into SS&Medicare, just not traditionally, as a weekly pay job would? It's coming out at the end of the year through the 1040SE?
I'm unfamiliar with ANY tax documents. How am I sure that my tax person is filing the 1040SE for me?

[TomCopeland]

Tom, I appreciate your quick reply!
So, what you are telling me is that I am paying into SS&Medicare, just not traditionally, as a weekly pay job would? It's coming out at the end of the year through the 1040SE?
I'm unfamiliar with ANY tax documents. How am I sure that my tax person is filing the 1040SE for me?

The money your husband is having withheld each paycheck is covering your SS/Medicare taxes. You don't know exactly how much is paid for this until you do your taxes and determine your profit. You aren't writing separate checks for this. Look at your tax return for previous years and see if a Form 1040SE is filed. It's required to be filed if you earned more than $400 in profit.