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#1
02-10-2008, 12:17 PM
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 Re: Sched A medical deductions w work plan saag <saag37[at]yahoo.com> writes: - quote - > My work offers a pre-tax medical savings type plan (along with a child
None -- you already got a $1000 deduction. Double-dipping is not> care plan) > Say I have $1,000 pre-tax held from my paycheck. I then have a $1,000 > medical bill that I pay myself. I then get reimbursed $1,000 from my > work plan. I've saved the taxes that I would've > paid on that. Maybe $150 or so, but it still cost me at least $850 > or so whether I was in my work plan or not. > When it comes to medical deductions on line 1 of Schedule A, how > much, if any, of that $1,000 can I count towards medical expenses? allowed. And if you read the reimbursement form you have to fill out, you'll see it very specifically says that by signing you acknowledge and promise that you cannot/will not claim those expenses as an itemized deduction. -- Rich Carreiro rlc-news[at]rlcarr.com -- << ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- > |
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02-10-2008, 11:57 AM
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| Re: Sched A medical deductions w work plan "saag" wrote: - quote - > My work offers a pre-tax medical savings type plan (along with a child
Zero. In effect you've already deducted the whole $1,000 on line 7 of the> care plan) > Say I have $1,000 pre-tax held from my paycheck. I then have a $1,000 > medical bill that I pay myself. I then get reimbursed $1,000 from my > work plan. I've saved the taxes that I would've > paid on that. Maybe $150 or so, but it still cost me at least $850 > or so whether I was in my work plan or not. > When it comes to medical deductions on line 1 of Schedule A, how > much, if any, of that $1,000 can I count towards medical expenses? 1040. See IRS Publication 502. -- 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 (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
02-10-2008, 04:48 AM
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| Sched A medical deductions w work plan My work offers a pre-tax medical savings type plan (along with a child care plan) Say I have $1,000 pre-tax held from my paycheck. I then have a $1,000 medical bill that I pay myself. I then get reimbursed $1,000 from my work plan. I've saved the taxes that I would've paid on that. Maybe $150 or so, but it still cost me at least $850 or so whether I was in my work plan or not. When it comes to medical deductions on line 1 of Schedule A, how much, if any, of that $1,000 can I count towards medical expenses? -- << ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| deductions, medical, plan, sched, work |
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