![]() You cannot open an HSA if, in addition to coverage under an HSA-qualified High Deductible Health Plan ("HDHP"), you are also covered under a Health Flexible Spending Account (FSA) or an HRA or any other health coverage that is not a HDHP. **Plans vary, but this is how an HSA generally works. A few states do not allow pretax treatment of contributions or earnings. *HSA contributions and earnings are not subject to federal taxes and not subject to state taxes in most states. If you withdraw it under age 65, the money is subject to income tax and may also be subject to a 20% penalty tax.
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