I sought reimbursement from MY FSA account for reimbursement
I sought reimbursement from MY FSA account for reimbursement for Medicare Part B premiums that I paid post tax and was denied because of the IRS Publication 969 that says that health insurance premiums are not reimbursable: Publication 969 says you cannot receive distributions from your FSA for the following expenses:•Amounts paid for health insurance premiums.•Amounts paid for long-term care coverage or expenses.•Amounts that are covered under another health plan.However, Publication 969 also says that expenses listed in Publication 502 are qualified medical expenses for disbursement. Publication 502 says that Medicare part B premiums are qualified expenses so long as they are paid post tax.The code appears to be confused itself as to whether these premiums are reimbursable under FSA.
JD, MBA, CFP, CRPS
My wife and I have always filed joint returns. However, she
My wife and I have always filed joint returns. However, she died in May and I am wondering if it would be to my advantage to file separate returns this year. Here's why I ponder this change. She received a retirement package from her employer in the amount of $30,000 in January. Social Security payments would make her gross income about $45,000. My income will be about $100,000, including Social Security. We will have property tax deductions in the amount of about $12,000. The critical question for me comes from the medical expenses I will have paid this year–about $20,000 for her and $14,000 for me. Would I save by making that large medical deduction for her on a separate return as explained above? Thank you.David HoevelerJA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: No.
I need a hospital bed, and a lift to move from wheelchair to
I need a hospital bed, and a lift to move from wheelchair to bed to portable toilet. Are these medical expenses I can itemize on my taxes? I have a condition like ALS. Do I need a doctor to write a order?I need a van to put my wheelchair in, Can I deduct modifications for a wheelchair van?
My son lives in MA. his company allows him to put about $2K
My son lives in MA. his company allows him to put about $2K a year into a Health Saving Account 9which he says accumulates). Of course this is pretaxed money. On the other hand, on IRS taxes, a person can deduct unrecouped medical expenses. He is in a high tax bracket and makes over 100k a years. Is there really a difference? thanksI am off to bed. Just email me, please
I filed for an extension due to back problems and not being
HI! I filed for an extension due to back problems and not being able to sit to prepare my taxes properly last April. Now I can't find the W@ form to file. I am not self employed, and believe I will receive a refund this year, having paid in and noting many medical, pharmacy bills and I have one child. Do I need to worry about being fined if I do not file by Oct 15th?JA: It's hard to know for sure. The Accountant will figure it out.Customer: WhenJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: We always receive a refund. Last year our income was 35,000 This year I was unable to work, so our income dropped to just 28,000 gross. That is why I am pretty sure we won't owe.
I turn 65 on 2/19/16. My wife has medical insurance with her
I turn 65 on 2/19/16. My wife has medical insurance with her employer $2,600 deductible, $2,600 copay per individual, $5,200 deductible, $7,800 copay family. I have most of the medical issues and $1,100 month in drugs. I'm a sole proprietor with no employees. If I take medicare part B, a medicare supplement F plan and a part d drug plan, can I expense these premiums off my schedule C?
I recently got married. I make 6 figures, 1 of my jobs is a
I recently got married. I make 6 figures, 1 of my jobs is a 1099 (consulting), the job has traditional deductions, and I own rental properties. My husband just obtained his SS# ***** work in the US and will be making less than $10,000 between now and the end of the year. How should we file to best minimize tax burden.Also, I have altered my deductions throughout the year so that I don't get money back at the end of the year but I get my money throughout the year.
Vocational, Technical or Trade School
My mother in law is 96 and resides in a Board and Care. She
My mother in law is 96 and resides in a Board and Care. She requires caregivers in every aspect. Can the monthly fee to the Board and Care be written off on tax?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My mother in law is 96 and resides in a Board and Care. She requires caregivers in every aspect. Can the monthly fee to the Board and Care be written off on tax?JA: Is there anything else the Accountant should be aware of?Customer: The monthly bill is $4,500 and there are approximately 4 caregivers at the facility 24 hours a day. They take care of everything. Feeding, bathing, dressing, etc. I am just trying to determine whether or not any of that $4,500 can be deducted on her tax return. I extended her return and it is due in less than 2 weeks.