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 I gotta question.

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puros_bran
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Location : Brandenburg, Ky
Registration date : 2007-12-10

PostSubject: I gotta question.   Mon Nov 29, 2010 7:21 am

Any accountants or IRS men on the board???

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chevy5759

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Age : 57
Location : Elgin, Texas
Registration date : 2010-05-07

PostSubject: Re: I gotta question.   Mon Nov 29, 2010 8:51 pm

Hey PB,
Signifigant other is an accountant.
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puros_bran
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Location : Brandenburg, Ky
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PostSubject: Re: I gotta question.   Mon Nov 29, 2010 8:59 pm

This is all hypothetical mind you....
BUT

Say the mother of a family was provided company insurance at $525 per month on the pre tax cafeteria..
And the father was issued a $525 per month reimbursment (issued as a non taxable reimbursement) for insurance from his employer..

Is that legal? Does one of them have to claim the $525 per month as income or are they ok just letting it ride? Enquiring minds NEED to know...lol
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chevy5759

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Age : 57
Location : Elgin, Texas
Registration date : 2010-05-07

PostSubject: Re: I gotta question.   Mon Nov 29, 2010 9:03 pm

She is down with the horses and should be back in an hour or so. I'll have her look at it when she gets back up here.
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ZeroContent

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Age : 34
Location : Swanzey, NH
Registration date : 2010-10-23

PostSubject: Re: I gotta question.   Mon Nov 29, 2010 9:09 pm

Though I'm not a professional, I would venture that if pre-tax dollars that are supposed to be used for medical uses aren't then it would be taxable income. So unless the family has 6300 or more in out of pocket expenses the difference would be taxable.
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puros_bran
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Location : Brandenburg, Ky
Registration date : 2007-12-10

PostSubject: Re: I gotta question.   Mon Nov 29, 2010 9:13 pm

yeah it's a sticky situation.. and I've been asked to look into it..
Didn't think much about it until I started thinking about it...

IF it is legal I'm not sure it ethical....

BUT then again, his $525 is designed soley to replace the $525 she pays for insurance so I don't know..
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Puff Daddy
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Age : 53
Location : South of heaven
Registration date : 2007-12-09

PostSubject: Re: I gotta question.   Mon Nov 29, 2010 9:20 pm

You could call the IRS and your local state tax agency and ask. If you do get a name and ID number of the person you speak with and make notes, ask for a written reference too (tax code). I once a had a tax issue, got assistance from an IRS employee. Later they tried to come back on me and nail me for something but I had the ladies name who helped me and a cell bill showing the call, they waved it and left me alone.

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ZeroContent

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Age : 34
Location : Swanzey, NH
Registration date : 2010-10-23

PostSubject: Re: I gotta question.   Mon Nov 29, 2010 9:41 pm

puros_bran wrote:
yeah it's a sticky situation.. and I've been asked to look into it..
Didn't think much about it until I started thinking about it...

IF it is legal I'm not sure it ethical....

BUT then again, his $525 is designed soley to replace the $525 she pays for insurance so I don't know..

If the 525 that is deducted from her check for insurance was POST-tax than his pre-tax would probably be fine. But since they're BOTH pre-tax that's 1050 for only 525 of medical costs, so the difference would be considered taxable income and I wish my wife's work would give her the amount she doesn't use because I insure her, what a wonderful world that would be.
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chevy5759

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Age : 57
Location : Elgin, Texas
Registration date : 2010-05-07

PostSubject: Re: I gotta question.   Tue Nov 30, 2010 10:26 am

Robins thoughts were along the lines of brother PD's. She said she doesn't deal very often in tax accounting and doesn't want to give you any misinformation. Her thoughts were also to ask someone that deals in tax issues such as H&R Block.
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