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No, employer contributions to your HSA are not deductible since they are already excluded from your taxable income. These funds are on your W-2, but are not considered part of your taxable wages.
If, however, you withdraw funds for a non-qualifying expense, you will have to pay income taxes on the withdrawal and pay a 20 percent penalty. The IRS has a long list of what’s considered a ...
Distributions from tax-deferred retirement investment accounts — including traditional IRAs, 401(k)s and 403(b)s — all count as taxable income. For example, the money in your traditional IRA ...
The Tax Relief and Health Care Act of 2006, signed into law on December 20, 2006, added a provision allowing a taxpayer, once in their life, to rollover IRA assets into a health savings account, to fund up to one year's maximum contribution to a health savings account. State income tax treatment of health savings accounts varies.
If you’re using HSA money for other expenses, you’ll be taxed at your ordinary income tax rate. Essentially, this will mean the account works like a 401(k).
While the amount you can contribute each year to an HSA is lower than that of 401(k)s and IRAs, it still gives a nice boost to your retirement planning. Catch-up contributions are also available ...
The new 2025 annual limit for a health savings account will be $4,300, up from $4,150. ... You put money in on a tax-free basis, ... 401(k) and 403(b) plans established after Dec. 29, 2022, must ...
“As much as 70 percent of your hard-earned retirement funds can be eaten up by income, estate and state taxes,” says IRA guru Ed Slott, author of the retirement-planning books “Fund Your ...