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Part I: HSA Contributions and Deductions Line 2: Enter the total HSA contributions you made (excluding employer contributions). This can be found on Form 5498-SA.
What this means is that by contributing to an HSA, not only do you get a regular tax deduction, but you also avoid the 7.65% in payroll taxes that employees pay on their earnings.
A 20% penalty applies when taking money from an HSA for any purpose other than qualified healthcare expenses before age 65. ... Use an HSA contribution calculator to determine how much you can ...
Average contributions were also roughly twice average withdrawals ($2,100 versus $1,000). 41% of tax filers who made a contribution into a health savings account did not make any withdrawals; 22% withdrew more than they contributed during the year. [12] Data released in 2012 indicate that the use of health savings accounts is increasing.
A Reddit user discussed whether to contribute to a 401(k) or HSA. You should contribute enough to a 401(k) to earn your full employer match. After earning your matching contributions, maxing out ...
Planning for retirement requires us to consider not only how to build wealth but how to protect it. Employers offer 401(k)s to address the first need, but careful planning can help us ensure our ...
Whenever possible, try to use your HSA money for these expenses — or for any others the IRS identifies as eligible. You can find a complete list in Publication 969 or visit sites like the HSA ...
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