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I became disabled in Oct. 2017. I had to stop working and…

I became disabled in...

I became disabled in Oct. 2017. I had to stop working and have knee replacement surgery. My job paid 490.00 a week which covered taxes, medical insurance payments, and HSA deposits. i received a check for 7.06 each week. I have been paying all my bills, groceries, and many medical needs from my savings. About 15000 dollars as of 3/14/2018. how much of this affects my taxes, and how does it affect them.

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Answered in 23 minutes by:
3/14/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,139
Experience: Taxes, Immigration, Labor Relations
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If you retired on disability, you must include in income any disability pension you receive under a plan that is paid for by your employer. You must report your taxable disability payments as wages on line 7 of Form 1040 or Form 1040A until you reach minimum retirement age. Minimum retirement age generally is the age at which you can first receive a pension or annuity if you aren't disabled.

Beginning on the day after you reach minimum retirement age, payments you receive are taxable as a pension or annuity. Report the payments on lines 16a and 16b of Form 1040 or on lines 12a and 12b of Form 1040A.

.

Medical insurance and HSA contributions withheld from your paychecks are generally NOT included into your taxable income and not reported on W2.

Medical expenses including co-pays which you paid out-of-pocket - may be deducted as a part of itemized deduction.

These amounts are reported on schedule A line 1.

.

Let me know if you need further directions with reporting.

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Customer reply replied 4 months ago
my question was- if the monies spent because of my becoming disabled was tax deductible.

That depends on how the money were spent...

When you pay for your living expenses - that is not deductible,

but when you pay for medical expenses - these are deductible.

If you pay mortgage interest and real estate taxes - that is deductible

.

You will need to itemize all your expenses - and some might be deductible.

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Customer reply replied 4 months ago
Thanks, ***** ***** these points already, I was hoping my designation as disabled changed something that might help. Thanks again.

Yes - that may affect some of your tax benefits - please review if any may be used in your situation.

.

As a person with a disability, you may qualify for certain tax deductions, income exclusions, and credits. More detailed information may be found in the IRS publications referred to below.

If you.......

For more information about the tax benefits available to persons with disabilities and the parents of children with disabilities, please refer to Publication 3966, Living and Working with Disabilities

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Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all Social Security / Tax related issues
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,139
Experience: Taxes, Immigration, Labor Relations
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