If you incur any medical expenses near the end of the Tax year, the insurance reimbursements don't normally show up until the next tax year. Does anyone know of a way in Q2006 Premiere to set tax reminders of some type that would show up in a tax summary report, showing how much was reimbursed?
The only thing I can think of is to use a place holder and put the information there so it can be seen in the tax report.
Thanks, Clark
Not sure what you want to want to do when your tax reminder "reminds".
If you claim all 2005 non-reimbursed medical expense as deductable (subject to usual limits), then any 2006 reimbursements for those expenses must be (as I last knew - things do change) recorded as 2006 income. For most people (as I last knew) taking a deduction this year in exchange for income next year is usually a losing proposition.
Nothing (as I last knew) requires that you claim all the deductions that you are entitled to so don't claim as medical deductable those amounts you expected to be reimbursed for in the following year. Then when the reimbursement is received, it is not recovering a deducted amount -- and thus the reimbursement is not income.
If medical expense is a big deal for you then you might be amused, or whatever, by my long posts to this newsgroup several years ago on tracking medical expense; knowing that the providers statement is correct, that insurance had been paid, and that tax deductables are recorded.
dick w
I see your arguments, but my situation just dictates it is better for me to keep the reimbursements in the year for which they were given. Hence, the need for the reminder.
If you don't shift the reimbursement back, you have to do some calculations and enter it into line 21 on the 1040. Any reimbursements I receive after I have filed my taxes, will be done in this manner.
Clark
I forgot to add, if you did not claim medical expenses in the previous year (did not have enough), then you don't have to claim any current year reimbursements as income, so it is important you know for which year the reimbursements apply.
The IRS even mentions "excess" reimbursements--I guess they haven't had any experience with insurance companies! ;-)
Clark
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