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I am a high school teacher who put $2000 into a flex plan at

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work, for the 2009 year...
I am a high school teacher who put $2000 into a flex plan at work, for the 2009 year. Unfortunately, I did not take any reimbursements from it. Can I right that off as a loss on my taxes for this year?

Thank you,
T.L. Rochester, NY
Submitted: 8 years ago.Category: Tax
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Answered in 9 minutes by:
10/1/2009
Tax Professional: Merlo, Accountant replied 8 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello skinner,

Money that you contribute to a flex plan is excluded from your taxable income. So because the money was never tax paid to begin with, you cannot later claim a deduction for the contributions, regardless of whether or not you actually used them. Whether you use the benefits or not, the contributions came from pre-tax dollars and therefore cannot be deducted on your return.

It is usually not beneficial for you to contribute to these plans unless you know ahead of time that you will have enough qualifying medical expenses throughout the year to take full advantage of using your contributions.

If this was helpful please press the Accept button.

Thank you skinner and I am sorry I could not give you better news

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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