Has anyone included PS58 costs in their tax returns? Thanks

[JotikaT2]

If the PS58 costs are for the cost of group-term life insurance beyond $50,000 of coverage, then your employer should have reported it on your W-2 as part of your compensation as a fringe benefit.  This information would then be reported on your tax return when you enter your wages.

Please see Table 2-1 as well as the footnotes for more details under the section titled Group-term life insurance coverage.

[gailko06]

Thank you for the information. But would I be able to send you a separate email to explain my situation.  Thank you, Gail

[gailko06]

Thanks for your reply but I’m retired and the life insurance company has not provided the PS58 costs this year.  Is there any reason why they wouldn’t provide this if they have in the past?  Thanks 

[JotikaT2]

If you are retired, you are not receiving the benefit of your employer paying for the premium, and therefore, would not have to report it as income since you did not benefit from it financially.  

[gailko06]

Thank you.  I have paid the premiums for many years and every year I have received a form with the PS58 costs that stated I have to include this amount in my tax returns, which I have done.  However, I did not receive the form with the PS58 cost for 2023.  I called the company and they couldn’t explain why I didn’t receive the form last year.  Could it have something to do with the amount of the policy now exceeds the death benefit?  Thanks again 

[JotikaT2]

Only the company would be able to let you know why the PS58 costs were not issued last year.  I'd recommend contacting them again and asking them to investigate so you can determine exactly what is happening on the life insurance side as the company that issued the policy would be the only ones who can give you an accurate answer as it relates specifically to your policy.

[gailko06]

Hello, I found out that I had an incorrect amount for my interest income.  Is it too late to re-file my tax returns for 2023.  thank you

[VolvoGirl]

You can efile an Amended return until mid Oct 2024.  After that you can mail it.  You have 3 years to file an amended return.

If your first return was efiled and Accepted or you mailed it, then you need to do an Amended tax return to correct and add the new info. You need to wait for the original return to be fully processed and you get the first refund or paid the tax due. Then you can Amend. Be sure to save a copy of your original return before you start the amended return. The Amended return will overwrite the original return.

How to Amend the current year
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-curr...

[gailko06]

Thank you for your quick reply. I just want to confirm that I can e-file my amended return? I tried to do it and it looks like the amended return did not go through.  Thank you

[VolvoGirl]

You should be able to efile a 2023 amended return.  Are you using the Online version or the Desktop program?  

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/e-file-1040x-amend-return/L9t... 

[gailko06]

I’m using the desktop version. Thank you.