I contributed more to my company's dependant care reimbursement program than I spent. Since I am losing money can this be counted as a loss on my tax return?
2007-11-29 04:41:23 · 3 answers · asked by tplizzey 3 in Business & Finance ➔ Taxes ➔ United States
No, that money has already bybassed taxation going in to the cafeteria plan. Therefore there is no actual loss on your part.
Check your plan description though. Plans may allow payouts up to 2 1/2 months past the end of the tax year though not all do.
Any amounts left at the end of the plan year as extened are lost. It may be possible to pre-pay your costs for next year from the plan and thereby avoid the loss of funds remaining in the plan.
2007-11-29 04:50:54 · answer #1 · answered by Bostonian In MO 7 · 3⤊ 1⤋
No, the loss is not deductible. Be careful next year to figure it correctly.
2007-11-29 14:36:10 · answer #2 · answered by Judy 7 · 3⤊ 0⤋
No. Since it was deposited in a pre-tax account you are not paying taxes on it already.
2007-11-29 12:45:07 · answer #3 · answered by countryguyhfc 5 · 2⤊ 1⤋