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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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I am been carrying my fiancé now spouse on my medical

Customer Question

I am been carrying my fiancé now spouse on my medical insurance through work this past year. We recently got married in September. Prior to our marriage my employee inputed income and tax on the healthcare benefits. Is this income adjusted at the end of the year since we are married and the IRS treats us as such for the entire year?
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: no nothing else. I am an accountant, just not up on my tax laws these days
Submitted: 9 months ago.
Category: Tax
Expert:  emc011075 replied 9 months ago.

Hi. My name is ***** ***** I will be happy to help you.

No, it will not. The IRS will treat you as married for TAX purposes. For insurance purposes, you were legally married for part of the year. Your employer should separate the taxable and nontaxable portion of you insurance on your W2. You may be able to deduct the taxable portion on your Schedule A, however because of the limitations and rules only very few taxpayers can recoup the entire amount. The employer will not refund the tax you paid.

Customer: replied 9 months ago.
I am not sure that I am following your answer. So basically you are indicating the taxable income associated with the employer paid benefits for my finance will remain a taxable income on my tax return. I am not expecting my employer to do anything except adjust for the change on the go forward basis, i really wanted to better understand how to treat this on my 1040. Is there a tax filing that I can review/read.