I may have made a mistake on my taxes.
2007-04-28 14:44:08 · 9 answers · asked by Waterboy 2 in Business & Finance ➔ Taxes ➔ United States
No! You already got a 100% deduction for them by paying them with pre-tax dollars. If you claimed them on your return, it's time to file an amended return on Form 1040X and pay the extra taxes and interest due. It probably won't be a lot if you get the amended return in quickly, but it's adding up a little bit each day that you delay.
2007-04-28 17:40:10 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 2⤋
No, you can't claim medical insurance premiums if they are deducted before your taxed on your pay. That is called a pre-tax medical plan. The insurance premiums are deducted from your pay, but are treated as if you never earned the money in the first place. You can still deduct your other medical expenses, co-pays, hospitals, dental, eyeglasses, hearing aids, etc., as long as that total exceeds 7.5% of your AGI. And of course your itemized deductions have to exceed your standard deduction.
2007-04-28 15:58:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
life coverage rates are in no way deductible. scientific wellness coverage rates are very virtually continually paid with pre-tax money. subsequently, you have already gained an entire deduction for the top type and can't hence take a scientific cost deduction. it somewhat is a greater effective deal than taking a deduction as there is not any 7.5% AGI downside to handle and you get the deduction no rely in case you itemize or no longer. in case you paintings for between the uncommon agencies which will pay scientific wellness coverage rates with tax paid money, you are able to take a scientific cost deduction for the rates you paid in case you itemize deductions. this would be concern to the 7.5% AGI downside.
2016-10-04 01:49:19 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Check your Schedule A (which is where you would claim those deductions). The very first section is for medical. If line 4 is greater than zero, you may want to file an amended return (1040X). If it's zero, you did not go over the 7.5% limit and you don't have to do anything. You can wait for the IRS to catch it, but if it takes them a few years, the penalties and interest started accumulating on April 18th. You can judge the level of risk you are willing to take (my level is very low, lol).
2007-04-28 18:18:43 · answer #4 · answered by Patrick S 3 · 0⤊ 2⤋
No, you have already received the tax break for the premiums. The only things you can claim as medical expenses in this case are any out of pocket expenses such as deductibles and copays
2007-04-28 14:50:59 · answer #5 · answered by Mom of 2 4 · 4⤊ 1⤋
No...how could you claim something you did not pay? Didn't your employer make the premium payments on your behalf?
You may not be in big trouble though...I enter my medical expenses on my schedule every year, but it's never enough cause I think the first 7.5 percent of expenses are not deductible at all. If you were able to deduct your medical then you prolly need to file a 1040X...ooops!
2007-04-28 14:51:30 · answer #6 · answered by StephanieS 2 · 0⤊ 3⤋
You'll get a letter from the IRS saying "you made an error in calculating your taxes. This is what you owe."Don't lose any sleep over it. Just pay it when it comes.
2007-04-28 18:01:01 · answer #7 · answered by mdk 3 · 0⤊ 1⤋
no,, that would be deduction twice times,,
2007-04-28 14:51:27 · answer #8 · answered by Jo Blo 6 · 0⤊ 1⤋
no.
2007-04-28 14:47:00 · answer #9 · answered by bigdonut72 4 · 0⤊ 1⤋