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Recent Medical Savings Account questions

100% owner/officer/employee of C Corporation (highly compensated

100% owner/officer/employee of C Corporation (highly compensated employee) received $5000 fringe benefits under health reimbursement plan. Only other employee received zero.Question1) add the $5000 to taxable wages in box 1 of W2--not subject to social security or medicare?Question 2) any entry in box 12 or box 14?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,784 satisfied customers
I am going through a divorce and we will either sell the primary

I am going through a divorce and we will either sell the primary residence, or my husband may buy me out (not sure yet). My question has to do with the fact that we have a guest house on the property of the primary residence that we have rented out since it was built in 2003. We HAVE claimed it as a rental on our tax returns each year. I have allocated certain expenses based on the square footage of the two buildings (the main house is 3475 square feet and the guest house is 860, so 25%) and we have also claimed depreciation based on the build price, which was approximately $300,000 not including land. My question is this: Do I HAVE to do a 1031 exchange and invest 25% of my share of the proceeds in another rental property in order to be in compliance with tax law, or can I blow it off? I would prefer to use all of the funds to purchase a new property because property in the part of California where I live is very expensive. What are the ramifications for me tax wise if I blow off the 1031 exchange?

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jgordosea

Enrolled Agent

Bachelor's Degree

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2,802 satisfied customers
I retired from my job on 9/1/11 at age 59. Since this resulted

I retired from my job on 9/1/11 at age 59. Since this resulted in a significant increase in the cost of my health insurance, I changed to a high-deductible ($1,250) PPO plan through Blue Cross/Blue Shield of Florida and saved $900 on my annual premium for 2012. I put $900 in an authorized health savings account and have been using that money to pay my medical bills. I realize that I could lose the advantage of the $900 premium savings if my medical bills exceed $900 but do not reach the deductible of $1,250. My question is this: Will I have any tax advantages when I file my 2012 federal income tax return for using the money from my medical savings account? Will I be able to deduct anything if I exceed $900 in medical bills or do I need to meet a higher threshhold? I've tried to research the IRS website but don't understand exactly what I've found there.

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tax-doctor

Managing Partner

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588 satisfied customers
As an individual C Corp can I have a self administered medicla

As an individual C Corp can I have a self administered medicla reimbursement plan where-by I can reimburse myself for the cost of an individual health insurance plan as well as co-pay costs, Rx costs, etc.

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Lev

Retired

Bachelor's Degree Equivalent

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24,192 satisfied customers
My company provides an option to claim exempt as an employee

My company provides an option to claim exempt as an employee self service option to alter my W4. I have claimed this for a very short period of time only to get by annual bonus. They told me that if I did not change my status back from exempt that they would automatically change it for me. Is this legal?

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rramsook

President/Owner

Bachelor's Degree

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136 satisfied customers
I have an 18yr old graduating June 2012. Meets all requirements

I have an 18yr old graduating June 2012. Meets all requirements as a dependent. Earned $2600 in 2011 for which I filed 1040ez and all Federal taxes paid are being refunded. My question is what form do I fill out for PA State taxes and does she qualify for a full refund of those taxes as well based on her circumstances.

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InfoTaxes

Owner

Bachelor's Degree

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144 satisfied customers
I am trying top file my dads taxes and he had an early distribution

I am trying top file my dad's taxes and he had an early distribution of his IRA due to his disability and medical needs and debt. On EFile, I log in for his 1099R form with his distribution but I cannot see where to document so that he is not penalized - is it counted as income against him? Does he have to pay taxes on it? Please advise

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Bill

Master's Degree

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2,000 satisfied customers
my wife and i are 76 wife and 72 me we would file jointly if

my wife and i are 76 wife and 72 me we would file jointly if nessarywife recieves $957pm nurses pention and $1270pm ssi my ssi is 587pm total annual for both ssi income $22184 or 50% off ssi income for taxable income of $11092plus $11484 wifes($957x12= $11484)totals $22,570 annual income how much more could we make before having to file a tax return ????

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Chad Oberg

Director

Bachelor's Degree

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126 satisfied customers
In box 1 of a W-2. Is the amount shown suppose to have my dependant

In box 1 of a W-2. Is the amount shown suppose to have my dependant health insurance deducted from it? Example being my YTD gross on last paystub shows 40,000 but box 1 shows 36,000. Which is not my true gross income.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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8,928 satisfied customers
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