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Submitted By: someone
Answered: February 20, 2019 9:37 pm
Answered: February 20, 2019 9:37 pm
Can I take a $3,000 health insurance credit?
Retired public safety officers can elect to exclude from gross income up to $3,000 of distributions from qualified retirement plans that are used for qualified insurance premiums (this is NOT a tax credit). When taking the exclusion, write “PSO”) on line 4b of Form 1040.
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Tax Glossary
Capital gain or loss
The difference between amount realized and adjusted basis on the sale or exchange of capital assets. Long-term capital gains are taxed favorably. Capital losses are deducted first against capital gains, and then again up to $3,000 of other income.
