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Tax Time! - Need help?

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Old 03-19-2013, 11:38 AM   #41
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Quote:
Originally Posted by rawdog View Post
What happens when..

The amount of tax write offs that I have is greater than my total income for the year?

I realize i will get all the tax I paid back.. but then what about all those extra tax credits, do they just go away?

Many of them will just go away. Really depends what you are considering write-offs. Some things can carry forward such as moving expense deduction, donations, you will want to use the ones that don't carry forward, and not use the ones that do as much as possible. i.e. you having moving expenses of $1000 you can claim but don't need it to get a full refund of your taxes. Don't claim them, as you can claim them in the following year.

Another one that can be carried forward is tuition credits. You can also transfer these to your parents or spouse.

Not a whole lot of help but without seeing all the details its hard to give specifics...

Another way to play around is medical expense claims. They don't have to be claimed on a calendar year, as long as they are claimed only once. i.e. you can claim from January 10 2011 - January 9, 2012 on your 2012 taxes. So as planning, you can claim medical expenses from this year on next years return if you don't need them this year. Takes a little bit of planning, and you have to keep the receipts safe until next year, but it is quite common. The key is to not enter medical expenses if you don't need them. Also note the medical expense periods cannot overlap, but they can be shorter than a year.
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Old 03-19-2013, 03:01 PM   #42
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Is it true that my medical plan premiums (not MSP) (Blue Cross, Manulife, etc for examples) are claimable if they are 100% funded by me, the employee, not my employer?
Scratch that.. what about in a 50/50 scenario.
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Old 03-20-2013, 11:13 AM   #43
Tacomada [OP] Tacomada is offline
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They are claim able as medical expenses. There is actually a desperate line for extended health premiums. The premiums have to be paid by you and you'll need an invoice/receipt to prove payment but if you pay it claim it!

If its an employer partially paid plan, the amount you pay is likely on your t4. Should be box 85 I believe.

Remember the minimum limit for medical expenses. Calculation of the minimum is on the claim form. And also remember either spouse can claim he expenses regardless of who paid. Often they aren't enough for the higher income earner. But a lower earning spouse might be able to.
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