| |
|
|
 |
| |
| Tax-deductible contributions are allowed up to amount of the health plan deductible up to a maximum limit that is adjusted each year. Contributions may be made either by the individual or by an employer. HSAs are "above the line" deductions; this means the deduction is always available and is not dependant on earnings, tax-fling status, employment status or whether you itemize your tax deductions. Tax-free rollovers from a Medical Savings Account are permitted. Interest earnings inside the HSA account are not taxed. Non-qualified withdrawals are subject to a tax penalty. The account balance may be transferred tax-free to a spouse at death. The deposit is deducted in the year it is made and withdrawals may be taken any time tax-free to pay for out-of-pocket medical expenses. |
|
|
|
|
