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Returning Member
posted Jun 3, 2019 5:27:34 PM

If I receive 2 Police pensions and the total deducted for the insurance exclusion is 3,309 what do I do with the balance over the 3,000 exclusion allowed?

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1 Best answer
Level 15
Jun 3, 2019 5:27:36 PM

It's reportable as a medical expense on Schedule A line 1.  That won't be beneficial if your medical expense total is low or you use the standard deduction.

4 Replies
Level 15
Jun 3, 2019 5:27:36 PM

It's reportable as a medical expense on Schedule A line 1.  That won't be beneficial if your medical expense total is low or you use the standard deduction.

Returning Member
Jun 3, 2019 5:27:37 PM

Thanks, that is what I did, but it cost me $216 more in taxes; I was hoping 4 some way of still reaping the same tax benefit, but I guess I have 2 accept it is what it is.  Thanks again I appreciate U'r time n God bless.  Marlene

Level 15
Jun 3, 2019 5:27:39 PM

It's a bit surprising that a $309 change in AGI makes a $216 change in your tax liability, but not impossible.  You might want to compare your tax returns side by side with and without this correction just to see what is being affected by the increase in AGI.

Returning Member
Jun 3, 2019 5:27:40 PM

sorry never got back 2 U sooner, my apologies.  It apparently had 2do with the $3000 being a direct deduction and the $309 just 'making up and/or increasing the Sch. A deduction to surpass the 7.5% of AGI.  I hope I explained that so it made sense.   Again thanks 4 u'r time and knowledge sharing.   Viva a April 16th