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8

If self-employed, only the $2400 could be claimed as business expense, the $300 is a discount on a service so would have no bearing on taxes one way or the other. I'm confident in the claim above, pretty confident too that if you choose to reimburse the employee $2700, only $2400 is expense reimbursement, $300 is pay subject to income tax, they are making ...


8

The presenter suggested we keep records of our claims for 10+ years in paper form. This seemed to be overkill. It would be overkill if you're taking distributions regularly and you have enough valid (and otherwise unreimbursed) medical receipts each year to correspond to your distributions. However, if you are pumping money into the HSA without regular ...


8

Ironically, anyone can say anything, but it doesn't make it true. In normal times, the IRS can audit you for 3 years, or up to 6 for certain cases of fraud - From the IRS site - How far back can the IRS go to audit my return? Generally, the IRS can include returns filed within the last three years in an audit. If we identify a substantial error, we ...


7

Yes, you can get cash for the accident. I was in exactly the same scenario and got an insurance payout for a repair I did not want to make. The risk you are taking is that there is more damage than readily apparent. For example, if you let the insurance company repair the car, this is a typical scenario: Initial estimate is $1000 Insurance pays $1000 ...


7

A medical expense is only a qualified medical expense eligible for an HSA distribution if it is not reimbursed by insurance. If you know that you will be reimbursed, do not pay for it through your HSA. Think of it this way: you can only be reimbursed for a medical expense once. Either you get reimbursed by your insurance, or you get reimbursed by your HSA,...


6

If you mistakenly pull money out of the HSA all the ones I have looked at have a mechanism of returning the funds. Sometimes they have a form, other times the doctor or pharmacy can put the money back in. Money put back into the fund doesn't count as a contribution for that year. You shouldn't have to pull money out that you know will just be reimbursed. ...


6

The HDHP requirement applies to your HSA contributions, but not to your HSA distributions. In order to contribute to an HSA, you need to be covered by a High Deductible Health Plan (HDHP) exclusively. Your contribution limit for the year is prorated based on how many months you have eligible coverage. However, once you have money in your HSA, it is yours ...


5

Aside from the fact that probably nobody is ever going to come and ask for that proof unless your amounts get five digits (or you're unlucky), if you never before reimbursed yourself, your old tax declarations would clearly show that. You can't prove a negative, so the only potential is that you had reimbursements before, and an audit might ask you to prove ...


5

Yes, it should be included as taxable wages on your W2. While a gym at work (i.e.: on premises) is a non-taxable fringe benefit, when you're being provided an actual gym membership elsewhere - it is considered wages.


4

Shouldn't I get reimbursed for at least the amount I've already paid into the plan? No. You should be reimbursed to the maximum of your election, for all the expenses incurred while you were employed. How can the plan admnistrator (employer) be allowed to keep what I don't spend, but not be obligated to reimburse what I claim, because they decided ...


4

I've been in a very similar situation to yours in the past. Since the company is reimbursing you at a flat rate (I assume you don't need to provide documentation/receipts in order to be paid the per diem), it's not directly connected to the $90 in expenses that you mention. Unless they were taking taxes out that would need to be reimbursed, the separate ...


4

Since it's not a rebate (i.e.: reimbursement of money you paid to them), it is a taxable income. It is essentially a sign-up bonus, they have no obligation to reimburse you for anything by law. This is usually reported as interest income or MISC income on 1099 (if it's MISC - be careful to mark it properly if you prepare your own taxes, otherwise it may be ...


4

This is an unfortunate situation for you. You have zero chance at your question number 1, if someone was going to bend this rule for you it would have happened already. The answer to question number 2 is pursue solution number 3. The overriding issue is that the IRS makes these rules, not the employer/plan sponsor or the administrator. You can't talk the ...


4

TL;DR: Use up the balance for fare cards and use those cards while looking for new work or commuting to a new job as it will probably take a while for any new employee benefits to activate. P.S. After looking at your history: Note that NYC MTA vending machines may have limits on how frequently a commuter benefits card is used (daily/weekly) for adding value ...


3

If the service took place after the date the HSA was established, then funds in the HSA can be used to pay for that service. In many cases Dental coverage is not linked to the high deductible policy, therefore it isn't unusual to use HSA funds to pay for dental procedures and dental co-pays. In fact a separate dental policy is allowed with a high ...


3

Don't panic this happens all the time. I looked online for a form that can be used to redeposit funds back into the HSA. This form can be used to redeposit funds withdrawn in error and cannot be used to correct an Excess Contribution Return. Funds will be posted as a correction and not as a contribution. The deposit will be entered for the year the ...


2

Will I receive the taxed amount of my reimbursement as a refund? Not exactly. Will I, in the end, receive more, less, or the same amount because it was filed as Non-accountable instead of accountable? If all the expenses were qualified, you'll end up with a wash. What happened is this: You spent X on the qualified moving expenses. You received X as ...


2

To make it an official Answer: If you aren't willing to give them any of your own banking information, have them write you a check.


2

Some reimbursements are taxable and some are not, that depends on the type of reimbursement and the reporting required. If the reimbursement is from an accountable plan and for qualified expenses - it is not taxable. Otherwise it is. See the relevant section of IRS Publication 521 for details.


2

One piece of documentation that might help here is a confirmation of your benefit selections through your employer for each year since the expenses in question were incurred, assuming you have a job with eligibility for benefits. If you can prove which accounts you maintained through your/your spouse's (if applicable) employer(s), then it is relatively ...


2

That sounds very easy to me and I do it all the time (and even way more complex). I think you just need splits. For your example: First, you need to have the 50 EUR somewhere. Let's assume it's in your wallet. Then you have a transfer was follows: Assets:Wallet 50 Expenses:Bar 25 ...


1

Working with the scenario you presented, did you get any additional equity for your loan? If you loaned the business $500 and your partner did not, do you still both own the same amount of the company? (Which here I am assuming from your example is a 50/50 split) Does your business have a plan to service it's debt? Or is it just one big slush pool of ...


1

Does the above mean I will not be able to send money to myself or my mother Yes that is right. PayPal will only be used for small trades. The credits into PayPal cannot be used to purchase anything, and will have to be credited back to the linked Bank Account. This is to ensure right reporting and taxes are being paid. You could use alternative Bank ...


1

If this is a big company, they should have an HR department that you could ask and that would have people knowledgeable enough to give a reliable answer. But I believe the answer is "yes, it's taxable". I had a job a few years ago where the company paid for YMCA memberships, and that was taxable. They showed it as income on my pay stub and withheld taxes ...


1

Let's say that I incur a cost of 15000 rs on a dental surgery in the month of August alone. Does this mean that I can submit this single expense for my medical reimbursement at the end of the financial year? Yes What all medical expenses can be claimed Almost everything, Doctors fee, medicines, tests, surgery, etc ofcourse No glasses, contact lens etc. ...


1

You cannot carry bills over to the next year. You can only get reimbursement from your FSA for amounts incurred in the period the FSA covers, so if your FSA covers calendar year - the next year's FSA won't be able to provide reimbursement for the previous year bill. Note that asking the doctor to split the bill and bill you on different days won't work ...


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