Schedule I question..

[sillywalks]

On line 4 d, payroll deductions -- do I include my (mandatory) school retirement contribution? What about my Health Care Spending Account? My Valic life insurance payment? Does this line include my health insurance payments, too?

I appreciate any input! Thanks.

[tcreegan]

Hi again sillywalks,

The "rule of thumb" is mandatory payroll deductions go on Sched I and the voluntary find their way onto Sched J as expenses.

The trick is to not 'double-dip' and count them twice.

If anyone has specifics, please chime in! I know there has been some confusion on HSAs...

Tom in Colo

[sillywalks]

Hi again sillywalks,

The "rule of thumb" is mandatory payroll deductions go on Sched I and the voluntary find their way onto Sched J as expenses.

The trick is to not 'double-dip' and count them twice.

If anyone has specifics, please chime in! I know there has been some confusion on HSAs...

Tom in Colo

Good evening, Tom! If I put the cost of my HSA and Health insurance on Schedule J, that will boot up my medical expenses by $430 -- putting it over $700 (and that's low, actually). It seems like those expenses should go on Schedule I -- I mean, health insurance is voluntary, but if you choose to have it, it is mandatory to have it taken out of your paycheck (same goes with HSA, life insurance, etc.).

Seems like every time I think i've made sense of something, I discover a new layer to it! I'll be interested to see what other people have done about these expenses...

Thanks!

[momofthree]

Yes, all of those deduction will go on your schedule I. The health care savings account may be questioned if you're also claiming a medical allowance on your schedule J though.