PSA: Pay Your State Taxes Before 12/31/17 to Benefit From a Federal Deduction

[Reluctant Lawyer]

Health insurance premiums are not an itemized deduction so this would not help. Only medical expenses are itemized (above a certain threshold).

Sorry, this was not entirely accurate. You can add any premiums that you paid for after tax to your other medical expenses when calculating your total medical expenses. You can't add any pre-tax premiums (e.g., paid through an employer, or as self-employed).

[Reluctant Lawyer]

Is it too late?

It's not too late. As long as you pay them before December 31, 2017, you can still deduct them. You're a capable girl or guy - I'm sure you can find a way.

[noturbizniss]

So i prepaid 2 quarters of taxes on 12/17, and informed my mortgage bank of the payment. For some reason on 12/22, over a month before my q1 taxes were due they paid the q1 tax as well, and I now have 0 balance for q1 and q2 and negative balance for q3 (which i assume will be zeroed out once it is actually billed). Can i now deduct the 3 quarters of payments?

[aygart]

So i prepaid 2 quarters of taxes on 12/17, and informed my mortgage bank of the payment. For some reason on 12/22, over a month before my q1 taxes were due they paid the q1 tax as well, and I now have 0 balance for q1 and q2 and negative balance for q3 (which i assume will be zeroed out once it is actually billed). Can i now deduct the 3 quarters of payments?

Why should you be able to?

[noturbizniss]

Why should you be able to?

Why shouldn't I be able to?

[aygart]

Why shouldn't I be able to?

In NJ only the first 2 quarters of 2018 are assessed already. If it wasn't yet assessed then it is not able to be deducted with 2017 taxes

[noturbizniss]

In NJ only the first 2 quarters of 2018 are assessed already. If it wasn't yet assessed then it is not able to be deducted with 2017 taxes

If not assessed then you shouldn't be able to pay. They won't take the payment. However my bank pulled some and somehow paid anyway.

[aygart]

If not assessed then you shouldn't be able to pay. They won't take the payment. However my bank pulled some and somehow paid anyway.

It having been assessed is a requirement for it to be deductible in the previous year.

[noturbizniss]

It having been assessed is a requirement for it to be deductible in the previous year.

Thanks

[Yehuda25]

can't wait to see what these Democrats pull off to make this stuff still deductible, there are some crazy ideas flying around.