The IRS Deductions Blog

Posts Tagged ‘health’

Question: Can a TSA be rolled into a high-deductible HSA like BCBS BlueEdge HSA? Are there any penalties-what and how $?

I have a TSA from work that my employer no longer supports. It has been sitting in-limbo for about a year as I can no longer easily add money to it. My employer is offering a high-deductible HSA as a health insurance option and if allowable I would like to roll all or at least part of the TSA money into the HSA. I have approx. $11,000 in what I think is a Hartford 403(b). I have to let my employer know if I want to switch to the HSA by Dec. 16th, so I kinda need to know most of the answers before then. If I can’t roll the TSA over, I don’t know that I am as interested in the HSA? I am also a little leary about making a change with our idiot Congress screwing with health care. Is there any reason I should wait? Any help with my questions would be greatly appreciated.

Answer: A TSA (transportation spending account???) cannot be rolled into an HSA.

Only an IRA is eligible.

Items on Amazon Right Now for High Deductible Hsa:

Do high-deductible plans, coupled with HSAs, promote underinsurance? Consumer-directed care cuts bureaucracy.(POINT/COUNTERPOINT): An article from: OB GYN News $9.95 This digital document is an article from OB GYN News, published by International Medical News Group on October 15, 2008. The length of the article is 426 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Do high-deductible plans, cou…

Do high-deductible plans, coupled with HSAs, promote underinsurance? The sick and poor are left underinsured.(POINT/COUNTERPOINT): An article from: OB GYN News $9.95 This digital document is an article from OB GYN News, published by International Medical News Group on October 15, 2008. The length of the article is 407 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Do high-deductible plans, cou…

HSA eligibility when spouse has non-HDHP family coverage.(health savings account, high-deductible): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on June 1, 2005. The length of the article is 843 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: …

PayFlex® Receives IRS Approval as a Non-Bank Custodian for its HSA Solution

PayFlex Systems USA, Inc., a leading technology enabled solutions provider for employee benefit programs, today announced that it has been approved by the Internal Revenue Service to serve as a non-bank custodian and trustee for Health Savings Accounts and other accounts which are required to be held only by IRS-approved custodians.

High Deductible Health Insurance and Health Savings Accounts Explanation

Question: Is the health insurance premium what we pay is deductible in taxes ?

- Our employer offers a High Deductible Health Insurance (blue cross blue shield)
- My employer pays the premium for me, which they have too.
- I paid for my family ( wife +kid) from my pay check.
- Every month around $500 gets deducted from my pay checks for health insurance.

- Now year end its around $6000 I would have paid for my family health insurance

- Now Can i show this $6k as itemized deduction in my taxes ?

- we do have an HSA account as well, I would have spent around $1.5K for medical expenses.

- Can I show $6K + 1.5K = $7.5K towards my medical expenses during taxes ?

- My gross salary is $48K
I looked at my pay check and this is what it says:

Taxes:
====
Federal Withholding
SS Employee
Medicare Employee
IL-Withholding

Adjustments to Net Pay:
==================
Medical Insurance:
HSA

So is my medical premium I am paying (pre) or (post) tax dollars ?

Answer: The premiums that you pay should be paid using “pre-tax” dollars, which means they’re already been “deducted” from your income. So you don’t get to claim them on your Schedule A as an itemized deduction.

Same thing goes for your HSA.

Items on Amazon Right Now for Medical Expenses Tax Deduction Hsa:

HSA eligibility for FSA and HRA participants.(health savings accounts, flexible spending arrangements, health reimbursement arrangements): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on July 1, 2004. The length of the article is 848 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: …

New to the job world? Here are 4 tips for your first job.

Here are some tips for young people starting their first real job: Contribute to the company retirement plan: Retirement may…

Health Savings Account

Question: Medical Tax Deduction Questions?

Hi. I am hoping to deduct my medical expenses from my taxes. I just have a few questions. Can I deduct medical expenses from seeing a psychotherapist who is licensed but not necessarily a psychiatrist or psychologist? I paid (pay) 90-100 a session and went to numerous sessions. Also is the price I paid for my actual insurance each month included in the medical expenses. Does it make it a difference if my employer deducted my medical insurance costs vs. me paying them directly for tax purposes? And finally I had lasik done, can I deduct the entire amount?

Answer: You can deduct any medical expenses you pay to cure or fix problems as long as you do not get reimbursed for your expenses (say you pay, then file claim with insurance company, and they pay you back).

You should be able to deduct your payments for seeing a psychologist and having lasik done.

For your employer provided insurance deducted from your paycheck, you need to find out if those deductions were made pretax or after tax. If it is pretax, then you cannot deduct them. If after tax, then you can deduct them.

Ask HR/payroll how your insurance is paid or go to www.paycheckcity.com and find the personal calculator. Enter the relevant info and check the boxes to try to duplicate your paycheck to see if your insurance was pre or post tax. Most deductions for insurance from employment are pretax and not deductible.

Items on Amazon Right Now for Tax Deduction Medical Expenses:

J.K. Lasser’s 1001 Deductions and Tax Breaks 2012: Your Complete Guide to Everything Deductible $9.98 A straightforward guide to taking tax breaks and deductions on your 2011 tax returnCompletely revised to reflect important changes in this year?s tax laws, J.K. Lasser?s 1001 Deductions & Tax Breaks 2012 will help you take advantage of every tax break and deduction that you may be entitled to. This comprehensive guide is clearly organized by subject matter so you can easily find situations that ma…

J.K. Lasser’s 1001 Deductions and Tax Breaks 2011: Your Complete Guide to Everything Deductible $14.96 A straightforward guide to taking tax breaks and deductionsCompletely revised to reflect important changes in this year’s tax laws, J.K. Lasser’s 1001 Deductions & Tax Breaks 2011 will help you take advantage of every tax break and deduction you may be entitled to.This comprehensive guide is clearly organized by subject matter so you can easily find situations that may apply to you. Each tax benef…

J.K. Lasser’s 1001 Deductions and Tax Breaks 2010: Your Complete Guide to Everything Deductible $4.99 A straightforward guide to taking tax breaks and deductionsCompletely revised to reflect important changes in this year’s tax laws, J.K. Lasser’s 1001 Deductions & Tax Breaks 2010 will help you take advantage of every tax break and deduction you may be entitled to.This comprehensive guide is clearly organized by subject matter so you can easily find situations that may apply to you. Each tax benef…

TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $8.07 Designed for sole proprietors, self-employed, consultants, 1099 contractors, and single-owner LLCs. Expanded interview walks you through entering business income and expenses to help you maximize business and personal deductions, home office deductions, depreciation and more. Create W-2 and 1099-MISC forms for your employees and contractors. The Intuit TurboTax Home & Business Tax Year 2010 Softwa…

Medicare: Is This Deduction Still Being Taken Out of Your Paycheck?

FIRST PERSON | COLORADO SPRINGS, Colo. — What affect will Paul Ryan’s plan have on Americans who are retiring or nearing retirement?

Tips & Advice for Income Tax Deductions : Introduction to Medical Deductions for Income Taxes

Question: Am I in charge of paying for my deductible before insurance will cover?

My deductible is 850 bucks for medical insurance and its 195 a month that I have to pay… so does that mean I have to pay 195/month PLUS whatever my medical bills come up to until I have paid the full 850? If that is so, it seems a little impossible to ever get past my deductible in a year, unless something horrible happens, right? The other option is 268/ mo with a 400 deduct. Mind this is me and my son.

Answer: Why would you want to pay $876 more over the course of the year in order to only lower your deductible by $800 ($400 each)? I will gladly give you $800 in exchange for $876 as many times as you’d like.

As far as the something horrible goes….$850 is a pretty easy hurdle to get to. One emergency room visit would do it.

Don’t look at insurance as something you may not use because the deductible is high. Look at insurance for what it covers on the other side of the deductible. Health insurance is protecting your assets and it’s doing that whether or not you get sick.

It’s like guardrails on a bridge. I personally have never hit the guardrails, but I’m always glad they’re there.

Items on Amazon Right Now for Deductible Medical Insurance:

The Basics Of Medical Billing $26.46 This no nonsense book tells you all you need to know to understand medical billing. Written by a mother/daughter team who have been running a medical billing service since 1994 it contains the facts without the fluff. Revised in June 2010 to almost double the content. It contains information about primary, secondary and tertiary claims, participation with insurance carriers, indemnity, hmos, ppos,…

STOP Buying Health Plans and START Buying Health Insurance!: An Easy-To-Understand Guide to the How and Why of Consumer Directed Healthcare (HSAs, HRAs and Deductible-First Medical Insurance) $9.84 We are all excellent consumers. We collectively have no problem clearly identifying what we want, how we want it and when the price is right. We make our educated presence known in almost every marketplace except one— healthcare. Managed care and its first dollar benefits have created a problem and the solution is consumer directed healthcare. We can fix our system of healthcare and your secon…

Impact of Type of Insurance Plan on Access and Utilization of Health Care Services for Adults Aged 18-64 Years With Private Health Insurance: United States, 2007-2008 $1.99 National attention to consumer-directed health care has increased following the enactment of the Medicare Prescription Drug Improvement and Modernization Act of 2003 (P.L. 108-173), which established tax-advantaged health savings accounts (HSAs) (1). Enrollment in consumer-directed health care products has increased over the past several years (2). Consumer-directed health care may enable individu…

Health Insurance Premium Increase Discussed

SIDNEY – The Cheyenne County Jail is poised to become the new primary facility for housing male inmates for Deuel County.

Health Insurance Deductibles and Coinsurances

Items on Amazon Right Now for Tax Deduction Public Transit:

Consider a Commuting Allowance.(Brief Article): An article from: Association Management $5.95 This digital document is an article from Association Management, published by American Society of Association Executives on April 1, 2000. The length of the article is 493 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser….

GET exemptions in peril

When the Territorial Legislature created the general excise tax in 1935, lawmakers recognized that the broad-based tax should not be applied on every business transaction.

Estate Tax Provision Strains Support for Tax Deal