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What are "Qualified Medical Expenses"?

Generally, qualified medical expenses for HSA purposes are unreimbursed medical expenses that could otherwise be deducted on Schedule A (Form 1040). However, you cannot treat insurance premiums as qualified medical expenses unless

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 Main Menu > 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.

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

What qualified education expenses can I use on my return?

in the student aid programs administered by the Department of Education. What can I claim as a qualified expense? Qualified Education Expenses are tuition and certain related expenses required for enrollment or attendance at an eligible

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

What is a Qualified Plan?

Qualified retirement plans set up by self-employed individuals are sometimes called Keogh or H.R.10 plans. The plan must be for the exclusive benefit of employees or their beneficiaries. A qualified plan can include coverage for a self

What is a "qualified student loan"?

A "qualifying loan" is a loan you took out solely to pay qualified education expenses that were: For you, your spouse, or a person who was your dependent when you took out the loan, Paid or incurred within a reasonable period of time

What is a "qualified tuition plan (QTP)"?

A Qualified Tuition Program (QTP) also called a "529 plan", is established and maintained to allow either prepaying, or contributing to an account established for paying a student's qualified higher education expenses at an eligible

Georgia Qualified Education Expense Credit

: This is NOT an education credit taxpayers can claim for educational expenses paid to a qualified educational institution for items such as tuition and fees, books, etc . For additional information pertaining to the qualifications

Georgia Qualified Caregiving Expense Credit

Georgia provides a qualified caregiving expense credit equal to 10 percent of the cost of qualified caregiving expenses for a qualifying family member. The credit cannot exceed $150.00. Qualified services include: Home Health Agency