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Video instructions and help with filling out and completing Who needs Form 8889
Instructions and Help about Who needs Form 8889
Music hi everyone should look operate the CPA with eight attacks and accounting and this is another weekly attack step we are talking about a chess piece health saving account and this is basically an account that is super powerful that has the benefit of both a retirement plan and IRA and saving for your health related expenses so imagine that there is a basket here the money that you put inside this basket is tax-free the money that grows inside of this basket is tax deferred and then when you take money out of this basket and spend it on health related expenses you don't pay any taxes on it this is amazing so these are called health saving accounts and a lot of times you would be offered by your employer but if you're also self-employed you can just open one by yourself the best thing is about HS is they don't just expire the end of the year it's a use-it-or-lose-it situation no they roll over to the next year so you can also invest any money that you put into this basket or your account in whatever you know best like stocks mutual funds cryptocurrency even real estate whatever you like to invest your money in and if you leave your employer that account just dues it goes with you so it stays with you you can manage it I want to show you if you are eligible for the HSA or not in how much you can contribute to this amazing account let's go to the board because if you're like me I learn best when I'm looking at something when I'm seeing let's take John for example and John is our favorite tax client right he is in the 28 percent tax bracket and we're talking about 2022 and these numbers our subject doing for inflation so they change from year to year watch out for that in order for John to be eligible for an HSA he need to be enrolled in a high deductible health plan with the minimum deductible of 1,350 this is the minimum deductible and he can contribute up to three thousand four hundred fifty now he can contribute less than that but this is the max that he can contribute and if he was older than 55 he can contribute an extra 1,000 so this is the maximum contribution for 2022 for an HSA so basically in his basket he can put three thousand four hundred fifty dollars without paying any tax on it and if he used any money to pay for health related expenses like chiropractor vision dental co-pays prescription medication all of these expenses he doesn't pay any tax on it and that money 3450 continues to grow and he can invest it in whatever he wants and then it rolls over to the next year and then if he wants to use it for something else after he retires sixty-five it becomes just.