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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 ...
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).
An HSA can be a good idea if you like the idea of a high deductible health plan – it offers tax-free healthcare savings and potential employer contributions, and your funds roll over, so you don ...
Health savings accounts, or HSAs, have higher contribution limits in 2025, allowing you to save more for health care expenses if you’re using a high-deductible health care plan.
Most financial experts will recommend tax-advantaged accounts like 401(k)s and traditional IRAs, where... Retirement Savings: 6 Ways an HSA Could Be More Beneficial Than a 401(k) or IRA Skip to ...
You get tax deductions on contributions, tax-free growth and tax-free withdrawals for medical expenses. Plus, you can use HSA funds to pay Medicare premiums later.
“Contributions to a traditional IRA are tax-deductible, lowering your taxable income for the year, but withdrawals in retirement are taxed as ordinary income,” Meyer said. 40s: Roth and ...