New York State's Flexible Spending Accounts - HCSAccount 2004 Tax Savings Calculator

Flex Spending Account, A State employee benefit that puts money in your pocket

Health Care Spending Account 2004 Tax Savings Calculator

Use this form to calculate your potential tax savings by enrolling in a HCSAccount in 2004. You will need your 2002 Federal and State tax returns to use this form.

Note: All items are required to perform this tax savings comparison



1. Choose your place of residence:



2. Enter Your Expected 2004 Qualifying Expenses: For tax year 2004, the HCSAccount can be used up to $3,000 for unreimbursed health care expenses for you, your spouse, and your tax dependents.


3. Choose your tax filing status:


4. Enter your State Salary & Wages as of January 1, 2004:


5. Enter your Federal Adjusted Gross Income (FAGI) from your 2002 Federal Tax Return (From 2002 Form 1040, Line 35; 1040A, Line 21; 1040EZ, Line 4)¹ or Estimated 2004 FAGI:


6. Enter your Federal Taxable Income (FTI) from your 2002 Federal Tax Return (From 2002 Form 1040, Line 41; 1040A, Line 27)¹ or Estimated 2004 FTI:


7. Enter your New York Adjusted Gross Income (NYAGI) from your 2002 New York State Tax Return (From 2002 Form IT-201, Line 32; IT-200, Line 11 minus Lines 12 and 13)¹ or Estimated 2004 NYAGI:


8. Enter your New York Taxable Income (NYTI) from your 2002 New York State Tax Return (From 2002 Form IT-201, Line 37; IT-200, Line 17)¹ or Estimated 2004 NYTI:

Calculate Tax Savings Clear Form

¹If you participated in the HCSAaccount program during the tax year from which this data is taken, be sure to increase this amount by the amount of your HCSAccount contributions.

Links

Federal - Internal Revenue Service (www.irs.gov)

Publication 502 Medical and Dental Expenses

New York State - New York State Department of Taxation & Finance (www.tax.state.ny.us)

Accuracy Statement

The information contained herein does not constitute tax advice. The estimates provided are based on income and expense data provided by the applicant and Tax Laws in effect as of July 1, 2003. Actual benefits may vary depending on the taxpayer's particular situation. For more accurate information on your specific situation, please consult your tax advisor.

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This Page Last Updated: Tuesday, September 16, 2003 at 12:06:46 PM