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Christopher Phelps
Christopher Phelps, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2710
Experience:  CPA, CFP, PFS, Tax Practitioner 21 Years, Member AICPA/CSCPA Tax/Financial Planning Committee Member
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Are my S125 health deductions considered tax ...

Resolved Question:

Are my S125 health deductions considered tax deductable on my 1040?
Submitted: 10 years ago.
Category: Tax
Expert:  Christopher Phelps replied 10 years ago.

Your Sec. 125 contributions are made on a pre-tax basis. Accordingly, you may not deduct these contributions for tax purposes. Further, to the extent you reimburse yourself from these accounts for otherwise deductible expenses (i.e. medical, childcare, etc.) you may not use those expenses to claim a deduction.

Because it is impossible for me to identify and consider ALL the relevant facts, this advice is not intended or written to be used for the purpose of avoiding penalties, and cannot be used for that purpose.


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