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health insurance tax category

Ron Myers
Ron Myers Member ✭✭
Why no Tax Report category for health insurance? Medical supplies?

Comments

  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    edited March 2017
    That would be on the Schedule A Itemized Deductions report.  You can probably customize it to just have the Medical categories.
  • Ron Myers
    Ron Myers Member ✭✭
    edited December 2018
    I'm talking about assigning tax lines to categories. The existing options for Sch A/Medical include Doctors, etc.; mileage; travel expenses and drugs. I'm asking why there are no options for insurance premiums (regular and long-term care) and supplies.
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    edited October 2018
    Sorry I misread your question.  I have Windows so I don't know about Mac.  Just put it under the top one for Medical that's what mine shows as the default.  It really doesn't matter which medical tax line you pick.  Just the total goes to Schedule A deductions.

    image
  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    edited February 2020

    Sorry I misread your question.  I have Windows so I don't know about Mac.  Just put it under the top one for Medical that's what mine shows as the default.  It really doesn't matter which medical tax line you pick.  Just the total goes to Schedule A deductions.

    image

    QMac is essentially the same a as QWin with respect to tax line assignments.
    For medical insurance premiums, create a category and assign tax line item Schedule A:Doctors, dentists, hospitals. Note the description associated with this tax line item.
    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited October 2018
    On IRS Form 1040, Schedule A, there is no line for " insurance premiums (regular and long-term care) and supplies", so why would you expect Q to have a Schedule A Tax Line assignment for such?
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • RickO
    RickO SuperUser, Mac Beta Beta
    edited March 2017
    volvogirl... here's what it looks like in Mac. No general "medical" option.

    Ron... I don't know if tax law treats insurance and supplies differently. But if not, it really shouldn't matter if you put them under Doctors, etc.

    image
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Ron Myers
    Ron Myers Member ✭✭
    edited February 2020

    volvogirl... here's what it looks like in Mac. No general "medical" option.

    Ron... I don't know if tax law treats insurance and supplies differently. But if not, it really shouldn't matter if you put them under Doctors, etc.

    image

    Bottom line: Okay, so we can dump all medical expenses under "Doctors", etc. So why is "Medicine and drugs" listed separately? And why do most tax software publishers include separate questions for all medical expense categories?
  • RickO
    RickO SuperUser, Mac Beta Beta
    edited February 2020

    volvogirl... here's what it looks like in Mac. No general "medical" option.

    Ron... I don't know if tax law treats insurance and supplies differently. But if not, it really shouldn't matter if you put them under Doctors, etc.

    image

    Very good questions. I created an IDEA post for you here:

    https://getsatisfaction.com/quickencommunity/topics/provide-additional-medical-items-in-the-schedule...

    Please go thee and VOTE for it.

    You may also want to go to https://www.quicken.com/mac/feedback and make the suggestion in the "Something not listed..." box.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Ron Myers
    Ron Myers Member ✭✭
    edited February 2020

    volvogirl... here's what it looks like in Mac. No general "medical" option.

    Ron... I don't know if tax law treats insurance and supplies differently. But if not, it really shouldn't matter if you put them under Doctors, etc.

    image

    Gracias, Rick! Maybe other commentators aren't tax software users...or else too young to have enough medical expenses to climb over the 10% hurdle...?
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    edited February 2020

    volvogirl... here's what it looks like in Mac. No general "medical" option.

    Ron... I don't know if tax law treats insurance and supplies differently. But if not, it really shouldn't matter if you put them under Doctors, etc.

    image

    They just give you more separate categories to help you so you don't forget something. Just for your own use. I use Turbo Tax . They're trying to make it easier for you to remember your expenses. In the tax programs you can just enter the grand total of all medical on any medical line. Just the one total goes to schedule A.
  • RickO
    RickO SuperUser, Mac Beta Beta
    edited February 2020

    volvogirl... here's what it looks like in Mac. No general "medical" option.

    Ron... I don't know if tax law treats insurance and supplies differently. But if not, it really shouldn't matter if you put them under Doctors, etc.

    image

    Exactly volvogirl, as echoed by my comments in the linked idea thread.
    Quicken Mac Subscription; Quicken Mac user since the early 90s
  • Sonia
    Sonia Member ✭✭
    PRE-TAX insurance premiums DO NOT go into Schedule A.

    Schedule A is used for AFTER-TAX Medical Expenses (and ONLY those that haven't been reimbursed by any plan), including After-Tax Health Insurance Premiums. These After Tax expenses can be deducted only if they exceed 10% of your Adjusted Gross Income (AGI) and you can only take advantage of this deduction if your total Itemized Deductions exceed the Standard Deduction. Otherwise you basically lose the deduction.

    PRE-TAX Insurance premiums (Medical, Dental, Vision, etc.) on the other hand, are considered a Salary Reduction under Cafeteria Plans. They reduce your Gross Income not only for Income Tax Purpose but for the calculation of your Social Security & Medicare, as well.

    In your Category List, you just need to Edit the Health Premiums:

    1. The Pre-Tax ones by adding the Tax Line Item and choosing the "W-2:Salary or Wages (self or spouse)" (This will reduce the Gross Income on your Tax Planner)

    2. The After-Tax ones by adding the Tax Line Item and choosing "Schedule A:Doctors, Dentists & Hospitals" (This will send the expense to the Itemized Deductions on the Tax Planner)

    Also, if you are contributing to Pre-Tax Health Accounts, like Flexible Spending Arrangements (FSA Medical & FSA for Dependent Care) or Health Savings Accounts (HSA), these contributions are also Pre-Tax. In the categories, they are considered "Transfers", NOT "Expenses". So, to get the reduction from your Gross Income, you need to:

    1. Create the account and make sure you mark it as "Tax Deferred" (Right click on the account and choose "Edit/Delete" and click "Yes" under Tax Deferred)
    2. Make sure to add the deduction on your Pay Check under Pre-Tax Deduction
    3. On the Category List, find the transfer account category, which will be in brackets, (ex: [FSA], [HSA]), click on Edit, add the Tax Line Item and choose "W-2 Salary or Wages (self or spouse)"

    These transfers will be deducted from your Gross Income on the Tax Planner, as well.

    Hope this helps!
  • John_M
    John_M Member ✭✭✭✭
    @Sonia I agree with the way you are categorizing all of these items. However, this was posted under Mac and it appears you are using Windows. The Mac version does not have a Tax Planner (the Tax Schedule in QM is not the same thing). Also, I don't believe there is an option to make an account Tax Deferred (if there is, I'm sure someone will let me know how). Finally, there is no paycheck wizard that breaks down pre-tax from after-tax deductions.

    Thanks for your very helpful way of explaining the distinction between pre-tax premiums and after-tax expenses and stating, correctly, that contributions to FSA and HSA accounts are actually transfers and not expenses.
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    NotACPA said:
    On IRS Form 1040, Schedule A, there is no line for " insurance premiums (regular and long-term care) and supplies", so why would you expect Q to have a Schedule A Tax Line assignment for such?
    Those of us who use TurboTax would find life easier if such a TLI existed. TT's Medical Expense Worksheet does have a line for medical insurance premiums. When I print my returns and worksheets, I like to be able to compare line-by-line between TT and Q.
    What's worse is the fact that there is no TLI in Quicken for Long Term Care insurance premiums, because the deductible portion of those premiums is computed based on age.
    So Q users who use TT end up having to enter manually deductions which would be easily imported if only the proper TLIs existed in Q.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    I just noticed this is a 3-year-old thread. So we're kind of beating a dead horse here.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • It's really too bad that (as far as I can tell) there's no way to assign a tax line item to specific transfer categories (when the category field has an account in brackets, like [HSA]) in Quicken Mac. I have everything set up in Quicken Mac so that my tax schedule reflects the correct amounts for my W-2, except for pre-tax transfers into my HSA from my paycheck. Do you guys have any ideas for other ways to work around this in Quicken Mac? Without this functionality it basically renders the export TXF feature for TurboTax useless, cause it will always export an incorrect amount for taxable income on W-2s.
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