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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10173
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Would like to know the laws and limits pertaining to the tax

Customer Question

Would like to know the laws and limits pertaining to the tax exemptions for health insurance and flexible spending accts. No one seems to know the max allowable salary before health insurance benefits and flex spending accts. can be deducted.
Submitted: 23 days ago.
Category: Tax
Expert:  Lane replied 23 days ago.

Hi. ... My name's Lane ... I can help here

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I have a law degree, (Juris Doctorate), with electives in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

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FSA's don't really have a maximum SALARY limit. Under Revenue Procedure 2015-53 the IRS announced that the 2016 health FSA pre-tax plan year deduction limit will remain $2,550, the same as 2015.

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And if you're talking about the "self-employed" health insurance deduction (line 29, form 1040) there's no limit there either, just reduces your AGI.

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For medical costs, including health insurance not deductible in any other way, the expenses must be over 10% of AGI to be deductible as an itemized deduction on schedule A.

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Now there ARE INCOME maximums for itemized deductions (if that's the way the health is being deducted); You are subject to the limit on certain itemized deductions if your adjusted gross income (AGI) is more than $309,900 if married filing jointly or qualifying widow(er), $284,050 if head of household, $258,250 if single, or $154,950 if married filing separately. Your AGI is the amount on Form 1040, line 38.

Expert:  Lane replied 23 days ago.

Please let me know if I've understood your question correctly.

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And please Let me know if you have ANY questions, before rating me.

But if this HAS helped, and you don’t have more questions on this, I’d appreciate a positive rating (by using those stars on your screen, and clicking submit)

Thank you,

Lane

Expert:  Lane replied 21 days ago.

Hi,

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I’m just checking back in to see how things are going.

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Did my answer help?

If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

...

But again, let me know if you need more on this.

Lane

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