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Are My Child's Summer Camp Expenses Tax Deductible?

The answer is.... maybe. Along with the lazy, hazy days of summer come some extra expenses, including summer day camp. But, the IRS has some good news for parents: those added expenses may help you qualify for a tax credit. Many parents

What are "Qualified Medical Expenses" for an MSA?

When filing Form 8853 for an Archer MSA Deduction, you are required to figure the limitation that applies to you in regard to how much of a deduction you are eligible to report. The IRS provides a worksheet to calculate the amount of this limitation. It is located within the instructions for Form 8853. The link below is a link directly to the IRS instructions for Form 8853. Before filling out the worksheet, read the brief instructions for "Line 3" on page 3 by working through the Limitation Chart and Worksheet for each month of the year. These instructions list exceptions that can affect how the worksheet gets filled out. To ensure that the worksheet gets completed correctly, be sure to read the "Line 3" instructions. The worksheet that must be completed is on page 3 of the instructions. Complete this worksheet and retain a copy for your records. Once this worksheet has been finished, you can properly complete Form 8853 for your Archer MSA Deduction. Form 8853 can be found within TaxSlayer by going to Federal Section > Deductions > Adjustments > Medical Savings Account. Form 8853 Instructions and limitation worksheet To view this document, you must have Adobe Acrobat Reader installed on your computer. If you do not have an updated version of Adobe, click here to download it for free from the Adobe website.

Please explain deductions that are available related to Medical Expenses.

Medical and dental expenses, such as doctor visits, health insurance, glasses, etc.: Generally, you are allowed a deduction for most of the medical expenses that you paid during the tax year. However, you cannot include any part

How do I calculate the amount of qualified expenses?

You should have received a Form 1098-T from your school. You will need this form in order to calculate the qualified expenses that you can claim. According to the IRS you must reduce any amount of qualified expenses by the amount you

Tax Tips for Students and Parents Paying College Expenses

students and/or parents paying such expenses to keep receipts and to be aware of some tax benefits that can help offset college costs. Typically, these benefits apply to you, your spouse or a dependent for whom you claim an exemption

Business Use of Your Home - What expenses can be deducted?

There are 2 types of expenses that you can deduct: Direct Expenses and Indirect Expenses. Direct Expenses are those expenses that are paid only for the business part of your home. For example, if you pay for painting or repairs only

Expenses you incurred to provide child care programs for employees

Employers incurring expenses to provide accredited child care programs for children of their employees may be allowed a credit. If the credit is allowed, the eligible expenses upon which the credit is based must be added back to Oklahoma

What qualified education expenses can I use on my return?

Generally, the only expenses that qualify are the tuition and the fees that are required for enrollment or attendance at any accredited college, vocational school, or other post-secondary educational institution eligible to participate

Why is there a separate section for travel expenses for Reservists and Performing Artists?

Generally, employee expenses are deductible only on line 21 of Schedule A (Form 1040). When you deduct your expenses on line 21 of Schedule A, the net deduction is limited by the 2% rule. In addition, the expenses can only be deducted

Example of how to report Qualified Education Expenses involving a 1099-Q

Dave received a 1099-Q for a distribution that he received from his QTP (Qualified Tuition Program). His gross distribution (box 1) was $5000 and his earnings (box 2) were $1500. Throughout the year, he paid qualifying expenses totalling