New York State's Flexible Spending Accounts - HCSAccount 2008 Tax Savings Calculator

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

Health Care Spending Account 2008 Tax Savings Calculator

Use this form to calculate your potential tax savings by enrolling in a HCSAccount in 2008. You will need your 2006 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 2008 Qualifying Expenses: For tax year 2008, the HCSAccount can be used up to $4,000 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, 2008:


5. Enter your Federal Adjusted Gross Income (FAGI) from your 2006 Federal Tax Return (From 2006 Form 1040, Line 37; 1040A, Line 21; 1040EZ, Line 4)¹ or Estimated 2008 FAGI:


6. Enter your New York Adjusted Gross Income (NYAGI) from your 2006 New York State Tax Return (From 2006 Form IT-201, Line 32; IT-150, Line 21)¹ or Estimated 2008 NYAGI:


7. Enter your Federal Taxable Income (FTI) from your 2006 Federal Tax Return (From 2006 Form 1040, Line 43; 1040A, Line 27; 1040EZ, Line 6)¹ or Estimated 2008 FTI:


8. Enter your New York Taxable Income (NYTI) from your 2006 New York State Tax Return (From 2006 Form IT-201, Line 37; IT-150, Line 25)¹ or Estimated 2008 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 any excluded amount.

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, 2007. 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, July 17, 2007 at 5:03:56 PM