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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...

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 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 withi...

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 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 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...

Schedule C - Expenses

Qualified Expenses relating to your business income can be deducted in the expenses section of your Schedule C, Profit or Loss from a Business. To enter your expenses for your business, go to the Federal Section > Income > Profit or Loss...

Deduction for Educator Expenses

year as a teacher, instructor, counselor, principal, or aide. What can you deduct? You may subtract up to $250 of qualified expenses when figuring your adjusted gross income (AGI). Qualified expenses are unreimbursed expenses you paid...

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...