When a company grants medical (dental and vision as well) benefits to domestic partners, it adds the value of that benefit as if it was paid in cash to each paycheck. So, if you make 10$ per hour and you work 40 hours (400$) and your company values the benefit being granted to your partner as 100$ - you will be taxed as if you were paid 500$ - even though you only receive 400. I'm just wondering if this can be claimed or credited somewhere when I file this year...
2007-09-13 13:35:02 · 5 answers · asked by billdyer76 1 in Business & Finance ➔ Taxes ➔ United States
If your partner is your dependent, then the premiums you pay with after-tax money (which is what you are doing) can be deducted as a medical expense. Medical expenses are deductible on Schedule A to the extent they exceed 7.5% of your AGI.
Your partner is your dependent if the partner:
1. Made less than $3,400 in 2007
2. You provided over half the partner's support
3. The partner lived with you for 12 months in 2007.
2007-09-14 00:31:01 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
If your domestic partner qualifies as your dependent on your return, then you might be able to claim the premiums as a medical expense. If your partner had $3400 or more gross income this year, or didn't live with you the entire year, then you can't claim your partner as a dependent and can't claim the medical premiums either.
To claim medical premiums, you must itemize, not take the standard deduction - and you can only deduct the portion of your medical expenses that are over 7.5% of your adjusted gross income.
2007-09-13 15:11:56 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
i completely trust it. I actual have own adventure in it. i'm a lesbian and stay with my female chum and each little thing. besides, i'm in radiology college and not waiting to have an entire time interest via stressful time of this gadget. and, area time jobs do no longer grant scientific insurance, and because i'm 21, i'm now no longer on my scientific insurance. my female chum works for hollow inc (hollow, outdated army, and banana republic) and that they have comparable intercourse partnership insurance. so now i'm waiting to pass to college and artwork area time and not concern approximately what might ensue if i'm getting ill or harm. i'm hoping this helped you a touch. =D
2016-12-26 09:41:37 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Your highest tax bracket will be 10% or 15% maximum. If you are Single and your taxable income (income minus deductions) is over $30,650, then only the amount over $30,650 will be taxes at 25%.
2007-09-13 14:03:46 · answer #4 · answered by MukatA 6 · 0⤊ 1⤋
not likely - you're probably in the 25% tax bracket so that $100 of of health coverage is only costing you $25 - that's a very low contribution for covering a family member
2007-09-13 13:50:55 · answer #5 · answered by Anonymous · 0⤊ 1⤋