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Why is the source code 4008 on my ITR12 income tax return = 0?

Posted 1 July 2013 under Tax Questions


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4005 = 19404.00
4474 = 19404.00
4116 = 2760.00
How come my 4008 = 0

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TaxTimTaxTim says:
1 July 2013 at 22:18

Where do you see source code 4008? for other medical expenditure? This could be because a medical deduction is only allowed where the out of pocket medical expenses exceeds 7.5% of taxable income?


Ems says:
1 July 2013 at 22:21

Hi Tim,

I see it when I run the calculator


TaxTimTaxTim says:
1 July 2013 at 22:37

Yes you have, in order to claim the additional medical deduction which is over and above the medical tax credit you would need to work you 4x your tax credit per month which would be 4 * R2760 and then R19404 - that amount would need to be greater than 7.5% of R184091 in order for that difference to be deducted as an medical expense.

I hope that makes sense?


Ems says:
1 July 2013 at 22:43

After I make that calculation, where do I enter that information?


TaxTimTaxTim says:
1 July 2013 at 22:48

SARS will make this calculation for you, your medical aid information is already take into account when your IRP5 has been captured. Based on your detail you do not qualify for any further medical aid deductions.


Ems says:
1 July 2013 at 22:50

Ok Thank you Tim.


TaxTimTaxTim says:
1 July 2013 at 22:53

Only a pleasure, wish I could have a better answer for you.


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