Penalties Deductible
March 3rd, 2009
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Question: Health Saving’s plan/account…need clarity please?
what are the pro’s/con’s…
What is tax deductible and what is not?
ect…the gov. link is very generic and useless…need some-one to explain in much greater detail!
Yes…already know…must have health insurance w/high deductible..but after that it is FUZZY!
Does it carry over from year-to-year if you don’t tap into it?
what are penalty’s for w/draw….if not for health?
how much can you write off for tax purpose’s?
Answer: The plans are good to use if you need them, however, you are right, the process is a bit complicated, and not cut and dry. The best thing to do is talk to a tax advisor about your specific plan.
I can give you some general info though.
You can deduct the portion of your premium which goes toward your savings plan each month, plus whatever extra you choose to put in, up to a certain limit depending on your plan.
The money you put into the account can be used in later years, but you can only deduct what you put in each year.
If you withdraw money and do not use it for medical deductible, you pay taxes on it as if it were regular income.
How much you can write off depends on your specific plan.
Hope that helps.
KK
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