Exam (elaborations)
Health Saving Accounts (HSAs) Questions with correct Answers 2024
- Course
- Institution
Health Saving Accounts (HSAs)
[Show more]
Seller
Follow
julianah420
Reviews received
Content preview
Health Saving Accounts (HSAs)What is Health Saving Accounts - answer A Health Savings Account (HSA) is to pay
or reimburse certain medical expenses you incur.
You must be an eligible individual to qualify for an HSA.
You set up an HSA with a trustee。e.g. bank
What are the benefits os Health Saving Accounts - answer 1. You can claim a tax
deduction for contributions you, or someone other than your employer, make to your
HSA even if you don't itemize your deductions on
Schedule A
2. Contributions made by your employer *may be excluded*from gross income.
3. The interest or other earnings on the assets in the account are tax free.
4. Distributions may be tax free if you pay qualified medical expenses.
5. HSA is portable while you change employer
Who qualifies for HSAs - answer To be an eligible individual and qualify for an HSA,
you must meet the following requirement
1. You are covered under a high deductible health plan (HDHP), described later, on the
first day of the moth.
2. You have no other health coverage
3. You canot be enrolled in Medicare
4. You can't be claimed as a dependent on someone
Under *the last-month rule*, you are considered to be an eligible individual for the entire
year if you are an eligible individual on the first day of the last month of your tax year
(December 1 for most taxpayers).
Contributions to an HSA - answer 1. For employee HSA, both employees and
employer can contribute
2. For self-employed, family member can contribute
3. Contributions to an HSA must be made in *cash*.
Limit on Contributions - answer If you have self-only HDHP coverage, you can
contribute up to $3,400. If you have family HDHP coverage, you can contribute up to
$6,750.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now