Where Does the $2.00 Monthly Insurance Fee Go on Our Taxes?

[chefdianne]

Anyone know where this gets deducted on our taxes?

 

[ShanaSmith]

humm, never really thought about it. I would guess that since it is deducted before we get payed that it is not an expense or income. But that is just a guess

 

[DebbieJ]

It is MOST DEFINITELY an expense! If we didn't pay it, it would be income for us.

I just gave it to my accountant flagged as insurance. Not really sure how she exactly handles it.

 

[ShanaSmith]

yes, but really you would have to claim the extra $24 in income to take the $24deduction.

 

[dcypcar.chef]

The $24 is included as income on your 1099. So it is definitely income and an expense.

 

[chefdianne]

Thanks....and so it gets deducted under miscelleneous or do you invent a category all of its own for this?

 

[gilliandanielle]

I did our taxes with TaxCut and there was a special category that seemed to fit, but I can't remember what it was called...

 

[chefdianne]

Is that the H & R Block software? I am using TurboTax Premiere....I haven't had the 'pleasure' yet of entering all the PC info into our taxes yet because I had to play catch up with entering it all into PP first (eek!). Perhaps when I get into it at that part, I will find it there somewhere. If anyone knows the category in turbotax, please let me know.

 

[gilliandanielle]

Yes it is the H&R block software... mine were really easy! I helped my mom with her's and she had a ton of changes/info (inheritances, retirement plans, bought a house, sold a house, etc.) and there was a place for everything! It really dumbs it down for you which is exactly what I needed!

 

[lisacb77]

I entered it as insurance in Turbo Tax. They had many pre-set categories.

 

[jasonmva]

There should be an insurance line in the H&R Block software that it would fall under.