How does an HSA help me save on taxes?
Naturally, you will want to confer with your tax advisor or accountant to determine the specifics of your particular situation, but in general, HSAs produce significant tax savings. You will be sent an annual tax statement that confirms your total HSA contributions for the year. Unless you have exceeded the maximum contribution, you will be able to deduct 100% of that amount from your taxes, even if you do not usually itemize your deductions. Additionally, since business owners can deduct 100% of their HSA contributions, those who are self employed also have the option of deducting 100% of their premiums as long as your net income is more than the cost of your premiums and you are not entitled to coverage by another subsidized health plan.
Health Savings Account (HSA) FAQs
- Can I roll over funds from other accounts into my HSA?
- How can I utilize my HSA funds?
- How do I begin this process?
- How do I know my money safe?
- How does an HSA help me save on taxes?
- How much can I contribute to my HSA?
- What are my extra costs if I choose an HSA?
- What are qualified medical expenses?
- What is a Health Savings Account (HSA)?
- What is an HSA-eligible insurance plan?
- Where can I invest my HSA funds?
- Why should I consider getting an HSA?