Announcement

Collapse
No announcement yet.

Medical 7.5% North Carolina

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Medical 7.5% North Carolina

    For 2017, question whether North Carolina conformed or decoupled from Federal 7.5% Medical expense deduction. Unable to find anything definitive. Thank you for your assistance.

    #2
    Originally posted by JDW View Post
    For 2017, question whether North Carolina conformed or decoupled from Federal 7.5% Medical expense deduction. Unable to find anything definitive. Thank you for your assistance.
    Have you read the following (it's clear and answers your question) or called the NC state agency?

    Last edited by TAXNJ; 07-20-2018, 09:20 AM.
    Always cite your source for support to defend your opinion

    Comment


      #3
      Line 21 of Schedule S shows to use the Federal amount.

      Comment


        #4
        I'm holding one NC return on extension because this issue is still in question. The conflict was supposed to be resolved after the NC General Assembly met in May, but I still haven't found anything to indicate there has been a change. Also, Drake continues to show this as a warning in their software. I emailed Drake about two weeks ago, and they responded that NC still has not acted on it. They promised they would remove the warning when NC makes up their mind. I trust Drake to follow through.

        Filing under either assumption runs a 50% chance of needing to amend at some point in the future. Fortunately, it doesn't affect too many people. For now, I'm content to just wait it out.
        Last edited by JohnH; 07-20-2018, 09:41 AM.
        "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

        Comment


          #5
          Thanks everyone for your comments.

          Comment


            #6
            Based on my research of VA, NC, and SC tax law and returns this year, all three neglected to take up this last minute change by the feds before their legislative sessions ended for 2018. Also, the software was never updated to show that they did. So the 10% exclusion is in effect on those returns as far as I know.

            Comment

            Working...
            X