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Recent Medical Expenses questions

Am I required to pay taxes on an accident settlement? I

Am I required to pay taxes on an accident settlement? I received 230k from statefarm for my medical expenses and the remander of the moneys are for me for pain and suffer and any future medical care I may need.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,720 satisfied customers
If I enroll in my former employers retiree plan health

If I enroll in my former employers retiree plan health insurance plan at $550 a month, and then do 1099 contract work for another company, can I deduct the cost of the retiree health insurance I will still be paying?

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Mark Taylor

Certified Public Accountant

Masters

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320 satisfied customers
I own several rental properties and sold three in 2015. I

Hi, I own several rental properties and sold three in 2015. I will have a substantial capital gain on the order of $500,000 as a result of these sales (mostly deferred gain since they were all acquired in exchanges).. In completing my Schedule E, it turns out that for 2015 my net rental LOSS for all the properties for the year is about $50,000. More than half of this loss is on the properties I sold. Will I be limited to $25,000 or will I be able to put the whole $50K on page 1 of the 1040? (I realize that there are other factors at play here but I am hoping that you can isolate this one thing. I've googled around and it appears that if I sell a property that has deferred passive losses I can take them in the year of sale, which is really the same thing as what I'm describing. I'd appreciate any clarification you can give me, including any references you may have to back me up if I'm right. Thank you!

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Mark Taylor

Certified Public Accountant

Masters

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320 satisfied customers
My spouse and I have a gh deductible health insurance plan

My spouse and I have a high deductible health insurance plan and an hsa through his job. Recently, I started a new job that told me they give $135 per month toward health costs since they are unable to offer insurance. I didn't realize until recently, that this $135 comes as a yearly $1620 deposit onto a TASC Fsa card. Can I have both the Fsa card and an hsa? What options do I have with my employer since I recently received this card from them?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,720 satisfied customers
I have not filed our income taxes last 3 years, which is not

I have not filed our income taxes for the last 3 years, which is not good. The first year (2013) was b/c my husband lost all of our deduction records esp. the medical ones. I have to had some of them re-sent to me. Since then, my computer has lost everything that I had finished through Turbo Tax, so I have to try to re-create it--I have decided to just send it in anyways. We would get back about $3,100. Now in the following year (2014) we were told that a credit card "forgave" our debt of $13,000 to them so this is now considered income (if we had the money to pay the credit card--we would have and the credit card balances were so high due to a fraudulent business that I tried to do on-line to help us pay our bills--I am on disability and working out is hard for me, so I try to make income as best as I can to pay the bills and I was taken advantage of by unscrupulous company(ies) of the amount of $25,000 on several credit cards). In addition to it looking like we made a lot more income because of the discharged cards that had to now be listed as income (ha, ha--how does that work??), we also lost the ability to claim my mother, who we support as a dependent as the income limit for a dependent changed to a low of not more than $3,500 for that tax year. We also could not claim any medical expenses since the medical percentage to income limits was raised. Triple whammy!! So when all was said and done we owed the IRS about $1,700. which we cannot afford. How can the government think that we can pay taxes on a bill that we could not afford to pay?? I presume that the banks were able to convince congress that an unpaid bill is equivalent to income, but not so. Since the big banks were no longer able to charge inordinate amount of interest and other fees, they have found this other way to collect. Well, let me tell you that with all the interest, late fees and other fees that they charged us, we did pay the initial principle back. So this is just a way to steal from us, poor American citizens. So I did not file since we cannot pay or even make payments on an "unfair" and "unjust" law that allows Americans to be punished for being poor. Again if, we were wealthy, we could afford lawyers to defend us, but alas, we are not. In the past when we owed the government for a lost business that my husband had--he owed about $3,000 in employee taxes of some sort, the government put us on forbearance, but continued to charge us interest--even though they had over $3,000. of my unfiled refunds for taxes due to me in their coffers.

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Barbara

Enrolled Agent, Paralegal

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4,834 satisfied customers
Which scenario would be more feasible tax wise: Pulling

Which scenario would be more feasible tax wise: Pulling $11,000 a month from an annuity to pay for nursing home cost or cashing $11,000 in EE bonds? My dad lives in NJ and my mom is a resident in a Nursing Home since March of this year.

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Lev

Retired

Bachelor's Degree Equivalent

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24,192 satisfied customers
I need my CPAP at night. It's a prescribed medical device. I

Hi. I need my CPAP for breathing at night. It's a prescribed medical device. I had to buy a battery and special plug to be able to power it while camping. Is that deductible as a medical expense?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: The battery is an Ankor powerhouse with a Cigarette lighter plug and 110 Outlet plug in. I paid somewhere around $450.00. It allows me to power my CPAP breathing machine for my sleep apnea while tent camping. Is this portable power battery and cords I had to buy tax deductible?JA: Is there anything else the Accountant should be aware of?Customer: The CPAP is a prescribed medical device from doctor.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Barbara

Enrolled Agent, Paralegal

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4,834 satisfied customers
I am entering into a contract with an attorney

I am entering into a contract with an attorney for his representation for a lawsuit against CIGNA. His fee will be taken out of my checks, if appeal is successful. What do I claim as income, and is there a place to deduct his fee, somewhere in my tax return? I want to make sure I pay taxes on the correct amount.Thank you for your time.

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Robin D.

Vocational, Technical or Trade School

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20,588 satisfied customers
On my personal tax return I noticed I have a NOL

On my personal tax return I noticed I have a NOL carryforward into the next tax year. When can I use it and are there any limits as to how much can be used to offset income?

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Robin D.

Vocational, Technical or Trade School

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20,588 satisfied customers
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