Can someone please assist me with regard to disability tax. I have a 15month old son who has down syndrome.
Once you click on same on your IRP5 then you have to insert amounts.
I am not sure where exactly to insert what amounts as this is my first time claiming
4040 - State the medical scheme contributions made by yourself and not reflected on IRP
(This would be all the amount reflected on my medical aid Tax Certificate?)
4020 - State and medical expenses not recovered from your medical scheme (other than physical impairment or disability expenses)
(This would be all the expenses that medical aid did not pay for me excluding my son's expenses?)
4022 - State any physical impairments expenses not recovered from your medical aid scheme not included above
(This I would leave blank as Down Syndrome is a genetic disorder, cannot be cured and is life long)
4023 - State any disability expenses not recovered from your medical aid scheme not included above
(This would be all my son's medical aid paid for the year including all the expenses that the medical aid did not pay?)
Also this is the first year I received rental income and will be the last, as tenants are a nightmare!
In the Determination of Profit and Loss Section
I have no idea what I should enter with regard to "Should the loss incurred be excluded (ring-fenced) for the calculation of your tax liability?
also if YES, you have two options to chose from and I don't know which one
Any help with the above will be greatly appreciated.