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Printable Form 8889 Las Cruces New Mexico: What You Should Know
Nov. From Juarez City, Mexico The HSA is a retirement annuity, providing tax-free income in retirement. It does not earn interest or dividend income. Individuals with an IRA can contribute up to 6,500 to their IRA; an excess amount over 6,500 can be rolled over from a previous year to this year to save further tax and is automatically distributed. HSA's provide a tax-free option to the employee that helps reduce his or her monthly Social Security income and HSA contributions are tax-free up to the limit of 3,000 over a 10-year period. HSA's can not be used to purchase health insurance. After making the above contributions to their qualified health savings plan (SSP), the plan can then be used for a variety of benefits, such as: Medical care expenses; Health insurance premiums; Inflation reductions or deductibles; Health care provider reimbursements; Co-payments or other payment of bills related to health care; Deductibles; Out-of-pocket payments such as co-payments or coinsurance; Insurance rebates, discount cards, or similar benefits; Medicaid reimbursement; PRE- and post-retirement health care services; Medical assistance including Medicare, Medicaid, Children's Health Insurance Program (CHIP), and Medicare Advantage plans. Note : If an individual fails to meet the 3,000 limit at the end of the 10-year period, the excess contribution can be rolled over each year until the limit is met. New Mexico's HSA Excess Contributions Are Tracked : There are no tax consequences under New Mexico law for a qualified HSA account holder failing to meet the 3,000 limit at the end of a 10-year period. However, individuals who fail to meet the 3,000 limit at the end of the 10-year period will need to notify their employer of their failure or will be subject to a 30% tax on any excess contribution that can exceed 3,000.
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