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#1
03-20-2007, 06:24 PM
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 Re: Flex account medical? "Phil Marti" <prm20871[at]verizon.net> wrote in news:12vus71qfp9lo03 - quote - > "Han" <nobody[at]nospam.not> wrote:
Thanks, Phil!> > Taxact in the Federal interview asks me whether I made any > > contributions to a medical flexible spending account, but > > there is nothing in box 14 of my W2. Why is the question > > asked? I did contribute and spend it all - unfortunately I > > didn't have enough withheld, or I would have been better > > off. > > > Do I have to answer? I think I can look it up on my > > paycheck stubs. Where in the tax calculations will it be > > relevant? > It's relevant with respect to Schedule A medical deductions. > You cannot use expenses paid with flex money as a Schedule > A deduction. IRS Publication 502. > If you know that you won't reach the 7.5% of AGI floor for > allowable medical expenses, just tell it "no" for both the > flex contribution and medical expenses. -- Best regards Han email address is invalid << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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03-20-2007, 04:28 AM
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| Re: Flex account medical? "Han" <nobody[at]nospam.not> wrote: - quote - > Taxact in the Federal interview asks me whether I made any
It's relevant with respect to Schedule A medical deductions.> contributions to a medical flexible spending account, but > there is nothing in box 14 of my W2. Why is the question > asked? I did contribute and spend it all - unfortunately I > didn't have enough withheld, or I would have been better > off. > Do I have to answer? I think I can look it up on my > paycheck stubs. Where in the tax calculations will it be > relevant? You cannot use expenses paid with flex money as a Schedule A deduction. IRS Publication 502. If you know that you won't reach the 7.5% of AGI floor for allowable medical expenses, just tell it "no" for both the flex contribution and medical expenses. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
03-18-2007, 05:18 AM
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| Flex account medical? Taxact in the Federal interview asks me whether I made any contributions to a medical flexible spending account, but there is nothing in box 14 of my W2. Why is the question asked? I did contribute and spend it all - unfortunately I didn't have enough withheld, or I would have been better off. Do I have to answer? I think I can look it up on my paycheck stubs. Where in the tax calculations will it be relevant? -- Best regards Han email address is invalid << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| account, flex, medical |
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