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Recent Medical Expenses questions

Is there an exception to the premature withdrawal penalty

Is there an exception to the premature withdrawal penalty for paying medical expenses? 44 year old taxpayer withdrew $2,500 from his IRA to pay medical bills. Total medical expenses were over $21,000 and his deductible medical expenses were over $16,000 after the 10% AGI limitation. The 1099-R coded for the distribution was code #1 (for no known exception). Is that taxpayer subject to the 10% penalty (72t) tax? Or is he eligible for some exception to the penalty? If he is eligible, what would the authority for the exception be?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,430 satisfied customers
I am on H-1 visa and I was driving using scoop. I got a

Hello, I am on H-1 B visa and I was driving using scoop. I got a 1099-G. What should I do ?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: What exactly do you want to know ?JA: Is there anything else important you think the Accountant should know?Customer: nope

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Dr. Fiona Chen

President

Ph.D.

934 satisfied customers
Pension Protection Act 2006 - I have a taxpayer - MFJ and

Pension Protection Act 2006 -Hello,I have a taxpayer - MFJ and retired police officer - Received a notice from his HR department with a paragraph about a potential tax benefit. "Retired Public Safety Employees - The PPA of 2006 allows certain public safety retirees and their survivors to claim up to $ 3000 in medical, prescription, dental and vision insurance premiums on their income tax return. "Can you tell me what the criteria is for this? and where the deduction/credit is taken if one is allowed?Thank you,JW

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Robin D.

Vocational, Technical or Trade School

24,136 satisfied customers
Just checking the web for an answer to my question...is this

Good Morning...just checking the web for an answer to my question...is this web site chargeable to answer a question ?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I had an HSA account for the first time last year. I am stuck on a question and cannot complete my taxes due to the error...and I just can't figure out what it is they want. OK, here goes...I am stuck on this..."the amount used for medical expenses and the amount rolled over from your HSA distribution cannot be greater than the total of your HSA distributions received.... my gross distribution was 1578 on form 1099. the total contribution on form $5498 was $2137.....fair market value of HSA on form 5498 was $599. I did the math and it seems correct ??JA: This sounds important. The accountant will definitely help you with this. I'm going to connect you with a accountant who has 583 happy customers and a 4.6 out of 5 Rating. Anything else we should know before I connect you?Customer: only if this is chargeable ?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,110 satisfied customers
Has the % of filing form for medical gone up to 10% of your

Has the % of filing long form for medical gone up to 10% of your AGI?Also can I use all health care, medical care, dental care, vision care, and insurance policy such as life ins policy as well.What part of the standard deduction do i have have to go over my AGI, in order to make all this work of finding everything worth while, and then how much is applied to reduce my AGI. Please advise any other write off I can use if possible.Than YouTom

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,430 satisfied customers
I was diagnosed with Parkinsons disease in 2016. I must go

I was diagnosed with Parkinsons disease in 2016. I must go to therapy and exercise at home. My trainor recommended an elliptical bike for me to use at home. Is the cost of this bike deductible?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I also must use cvs anti itch cream (because it is the only one that works) for an unknown skin condition. Can I use the cost of this lotion as a medical expense?JA: Is there anything else important you think the Accountant should know?Customer: I have over $20,000 in deductions-is this a red flag for the irs

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Robin D.

Vocational, Technical or Trade School

24,136 satisfied customers
Can health insurance premiums be claimed as a deduction on

Can health insurance premiums be claimed as a deduction on federal income taxesJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Can i deduct health insurance premiums on my federal taxes?JA: Is there anything else important you think the Accountant should know?Customer: If I can deduct health insurance premiums, where do I list the claim?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,430 satisfied customers
I am retired from a company that provided a retiree

Hello,I am retired from a company that provided a retiree healthcare account and deposited $4,000 for every hear I worked there. I current use that account to pay my healthcare premiums (medicare, medigap, dental, etc.). This is the only purpose I can use the account for. My question is: do I have to pay income tax on the money that is withdrawn from that account to pay my healthcare premiums?Thank you,***** *****JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: Not that I know of.

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Lev

Retired

Bachelor's Degree Equivalent

24,868 satisfied customers
I received a large settlement for a car accident. My

I received a large settlement for a car accident. My attorney that handled the settlement also handled the payment of my hospital bills. But the settlement I received didn't specifically say it was for medical expenses Am I allowed to write the medical expenses off on my taxes?

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ABC Accounting Group

Bachelor's Degree

1,014 satisfied customers
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