I work for a private practice (as a therapist) and by the end of the year I will have paid a few thousand dollars in something called salary conversion. Can I write this off on my taxes?
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12. July 2010 at 9:34 pm
You don’t say what the money was converted to? If it was set aside in a 401(k) plan your taxable wages on your W2 will be less than your wages subject to SS. So you won’t pay tax on it because it was deferred. It is not a deduction.
12. July 2010 at 9:34 pm
This is a new term for me. You should really find out EXACTLY what “Salary Conversion” is. Are you an independent contractor ro an employee? An employee has withholdings of soc. sec. taxes, federal, state and local taxes as well as before tax deductions for pension and insurance. If the conversion is for pension or health insurance, it is not deductible.