1099 from office of personnel management retirement services: there is a box for health ins premiums. Is this money pre tax or after tax? Are all of these annuities the same? - Postal workers, Fed ag office workers, etc. What I'm needing to know if the health ins premiums can be included on Sch A? Or is there more info I need from TP?
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Not pre-taxed
Can be added to Sch A -
Retiree?
I didn't think you can have anything "pre-tax" on retiree (Form 1099-R) income.
Someone correct me if I'm wrong.......
FEComment
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You are right. Even when I worked (retired 1990) we had NOTHING pre-taxed. Didn't even know there was such an animal. Trying to make legislation that retirees can, but it's a long ways off.Comment
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Magical ways to raise your fixed insurance costs
Originally posted by ecb34691 View Post
Thanks, ECB (I think Redneck missed my point....).
I have first-hand knowledge of the issue. The health insurance I now have is exactly the same coverage as I had pre-retirement. When I was working, the premiums were pre-tax. Now that I am retired, they are not and "disappear" in the 7.5% AGI whirlwind on Schedule A.
In the meantime, my actual coverage costs have therefore increased somewhere in the range of 30+% overall, since I got a "raise."
And then there's that "more income, tax more of your Soc Sec" aspect also......
FEComment
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FEd Retired here too!
I agree our Fed retirement health ins is not pre-taxed...Sad but true, but then again, I would rather have it than face the alternative...Comment
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The alternative is not an option
For the record, I have never been in the fed system (does Army in V'nam era count?) but my work experience has been with a government agency both as an employee (premiums pre-tax) and retiree (same premiums, not pre-tax). A large number of my tax clients are involved in military or civil service retirement.Originally posted by myerstaxes View Post
My confusion was to what I thought was a question about whether current medical premiums under an existing federal retirement system could be pre-tax. So far as I know, no RETIREE under any system can currently have such an arrangement, whether it is federal/military retirement, state/local retirement, or private retirement.
As for the "would rather have it" aspect, a very firm AMEN!! to that.
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