FAQ

Can I pay for my gym membership from my personal HSA account?
Yes, you can. You can pay for anything out of your HSA account.However, if you pay for your gym membership out of your HSA account you will incur a tax penalty of 20% and owe income taxes that you need to self report and pay at the end of the year via IRS form 8889.This is because currently gym memberships are not considered an expense that is eligible for favorable tax treatment that is defined within the IRS tax publication 502.But wait, there is hope!On July 25th 2018 the House of Representatives passed Bill HR 6199. Section 8 of the bill reads as follows:“Sec. 8. Certain Amounts Paid for Physical Activity, Fitness, And Exercise Treated as Amounts Paid for Medical Care Qualified sports and fitness expenses are treated as qualified medical expenses up to a limit of $500 a year for an individual and $1,000 a year for a joint return. This includes amounts paid for membership at a fitness facility, participation or instruction in a program of physical exercise or physical activity, or safety equipment for use in a program of physical exercise or physical activity.”The bill has not been taken up yet by the Senate and does include many other pieces so even if passed section 8 could potentially be altered or removed.With that type of attention already in place it is possible that Gym Memberships sooner rather than later could be an eligible expense within an HSA account.For now though it may be a better investment of resources to avoid the 20% penalty and retain the income tax advantages of HSA participation if you can and pay for that Gym membership from another account.
Why did the IRS make the 1040 form into half a page? And why did it not make all the other forms the same size (e.g. Form 8889)?
The POSTCARD thing was just a stupid campaign promise, leading people to believe the the smallness of the form might convert into reducing the workload in preparing it and even better, the tax itself.The tax law of 2018 did neither. The tax reductions mostly benefited the very rich and greatly so, at that. But the law changes did nothing about the postcard size, since what was left OFF the postcard, if it was for things that used to be necessary on YOUR longer tax form, still needed to be addressed and they satisfied need, by creating other pages that then got attached to the postcard, in my case, every former schedule was still necessary and about 3 others were added. And my case was not close to being an isolated case.This tax result was just one more of dj trump’s lies and worse, it was another coverup because he has yet to admit to any coverups of any of his lies.