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Recent Medical Expenses questions

I see on turbo tax you can deduct out-of-pocket amounts you

hi I see on turbo tax you can deduct out-of-pocket amounts you payJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My question for the insurance I have can you also deduct the deductible as well example say plan has 3000 deductibleJA: Is there anything else the Accountant should be aware of?Customer: I am retired so have medicare which is run by UPMC my sup choice

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Robin D.

Vocational, Technical or Trade School

22,430 satisfied customers
I am a retired widow who uses Turbo Tax to file. I recently

I am a retired widow who uses Turbo Tax to file. I recently read someplace that the premium charged on Medicare B is tax deductible. Is that true?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: What else do you need? I receive my SS and have other income from 1099's and annuities. This is the regular yearly premium charged for Medicare B.JA: Is there anything else important you think the Accountant should know?Customer: No

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Robin D.

Vocational, Technical or Trade School

22,430 satisfied customers
I have 15,000 dollars in a rollover ira thru Fidelity and I

I have 15,000 dollars in a rollover ira thru Fidelity and I need to know how much taxes and penalties I would have to pay if I withdrawed the money outJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Thats it what else do you neeedJA: Is there anything else the Accountant should be aware of?Customer: like what

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Robin D.

Vocational, Technical or Trade School

22,430 satisfied customers
What are the tax advantages of moving into a life plan

What are the tax advantages of moving into a life plan community? IE initial fee and monthly fees? How are they reported on tax forms?JA: The Accountant will know how to help. Please tell me more, so we can help you best. Is there anything else the Accountant should be aware of?Customer: We are considering moving into Royal Oaks (royaloaks.com) in AZ and have been told that parts of the initial cost and monthly charges can be tax deductions. We are wondering where we can find more information about that.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,426 satisfied customers
I have motor neuron disease unspecified....similar to ALS. i

i have motor neuron disease unspecified....similar to ALS. i have no use of my legs and now my arms are almost useless. i have a qualified long term care policy that will pay up to $60 a day for a home aide to help me bathe, fix something for breakfast, get in my wheelchair, shave etc daily activities and change my linens. sweep the floor etc.The cost for the person is about $65 for 3 hours. Is the $60 that i will get to reimburse me from the insurance company taxable income? Is the additional expense of $5 a day considered a medical expense? i think that I would be considered chronically ill right now but as I get worse, i will become terminally ill

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,426 satisfied customers
I received a letter from an auditor with the state of

I received a letter from an auditor with the state of Montana asking for documentation of $15,709 I claimed for Medical Expenses in 2015. I did my taxes with TurboTax and it looks like I didn't subtract what was paid for by my insurance. I paid a $5,000 deductible and 20% of $10,709. What am I obligated to do?JA: Has anything been filed or reported?Customer: I filed the 2015 taxes in January 2016JA: Anything else you want the lawyer to know before I connect you?Customer: I talked to the auditor on the phone last week and he asked me if I needed more time. This morning I sent him an email asking for 30 more days from the deadline of 1-28-17

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,780 satisfied customers
Our homeowner's association received money from Federal

Our homeowner's association received money from Federal Express for damage they did to our road. On form 1120-H, where do I report this money? We have not been able to make the repair yet as it has to be done in warm weather.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,780 satisfied customers
Can insurance premiums for short term disability insurance

Can insurance premiums for short term disability insurance and long term care insurance paid entirely by an individual without an employer contribution be deducted ?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I carry short term disability and long term care insurance. My employer does not share in the premium amount. I pay the full amount of the premium. Can these amounts be deducted from income taxes ?JA: Is there anything else the Accountant should be aware of?Customer: I do not believe so.

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Robin D.

Vocational, Technical or Trade School

22,430 satisfied customers
Tax question: Is it true that judgment recipient must pay

Tax question: Is it true that judgment recipient must pay income tax on the amount of the judgment within the year of decision?

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Mark Taylor

Certified Public Accountant

Masters

2,678 satisfied customers
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