I work with a small company that just switched back office providers. They entered the $700 health insurance premium on my paycheck as a post-tax deduction so I just paid taxes on the $700.
My question is what can I do to get this paycheck resolved (obviously it needs to be coded as a pre-tax deduction going forward)? Is this something where the company needs to do some sort of reversal, or can I adjust something on my taxes at the end of the year (list $700 less in taxable wages, I'm not sure) to receive a refund? Thanks in advance.
This can go either way. But if you can, get the employer to either fix it, or adjust for it on the next paycheck or next few paychecks.
While you could claim it as an itemized deduction on SCH A of your personal tax return, it probably would not make any difference in your tax liability due to changes in the tax law. Until all of your itemized deductions on SCH A exceed your standard deduction, the itemized deductions will make no difference. If filing single the standard deduction is $12,000 for 2018. If filing Married Filing Joint, then it's $24,000. It is estimated that less than 10% of tax filers will be itemizing for 2018.