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Fort Worth Texas online Form 8889: What You Should Know
What is a Health Savings Account (HSA)? · An HSA can help cover costs that you or your family has not paid in full because of an accident, disease or other financial hardship. · A HSA can be used to: purchase or rent health insurance • pay for health care services • make prescription drug purchases • pay for outpatient health care treatment • pay for prescription drugs and/or non-prescription drugs not part of the Plan (e.g. drugs not covered by Median) · fund other health expenses (e.g. eye care, dental services, laboratory exams, etc.) · fund charitable contributions · pay for education What is the HSA Deduction? A deduction is a credit for expenses. Deductible expenses are those that are deductible on your taxes. You can use your HSA deduction on part or all of your taxes for specific tax years. • In the 2018–19 tax year, a 2,500 contribution to a Flexible Spending Account (FSA) can be deducted for the first 2,500 of eligible medical expenses incurred in the 12-month period that began on or after June 30 of last calendar year. • In the 2019–20 tax year, a 4,500 contribution to a Flexible Spending Account (FSA) can be deducted for the first 2,500 of eligible medical expenses incurred in the 12-month period that began on or after January 1 of this year. What does HSA means? • A Health Savings Account (HSA) is a health savings plan that allows individuals and families to set aside a portion of each paycheck to be used on qualified health care expenses. • You can either set a portion of each paycheck to an FSA or make one contribution to an FSA at the end the year. • Generally, contributions are tax-deductible up to 3,350, when a member's earnings and benefits exceed 120,000 per year for a single person or 240,000 per year for a couple. • If you make a contribution with the help of a spouse, those contributions are also tax-deductible up to the applicable amount. • Tax-deductible medical expenses include medical expenses for inpatient care, ambulatory surgery, or prescription drugs. • You may use the HSA on your own or with help from your health care providers.
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