Regarding the W-4 and Health Savings/Flexible Spending Accounts:
You cannot directly enter a deduction for either a Health Savings Account (HSA) or Flexible Spending Account (FSA) contributions on the W-4. Both are generally pre-tax, so they would not typically be listed as deductions on the W-4 itself, as this means they are usually handled by your employer's payroll system as a pre-tax reduction from your gross pay.
You can tell if they have already been deducted by checking your pay stubs.
**It is also important to note that If any FSA or HSA funds are used to pay for medical expenses, these same expenses cannot be included as itemized deductions.
Regarding Estimating Medical and Dental Expense:
Yes, when estimating medical and dental expenses for tax purposes (e.g., for itemized deductions), you can generally total all qualified expenses. This includes:
- Premiums (for medical and dental insurance, subject to certain limitations)
- Deductibles
- Copays
- Other out-of-pocket expenses for diagnosis, cure, mitigation, treatment, or prevention of disease.
- Both prescription medications and qualifying over-the-counter medications (if prescribed or for a specific medical condition and not for general health).
- Tools and devices (e.g., crutches, wheelchairs, eyeglasses, hearing aids) if primarily for medical care.
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Terri Lynn
