The IRS Deductions Blog

Posts Tagged ‘hsa’

Question: How do you know the Deductible Amount if plan doesn’t indicate the deductible amount for office visits?

I have the Lumenos Health Savings Account health plan. The annual deductibles, coinsurance, and out-of-pocket maximums for an individual is $1500. The plan says in-network office visits are 80% after deductibles. It does not indicate the deductible amount for office visits. So does this mean the plan pays 80% of whatever the office visit cost is and I pay the remaing 20% of the cost?

Answer: Generally, there is No Deductable for Office Visits. There are Co-Pays. Look and see if it shows a Co-Pay for the Dr. Visits. Your plan may have No Co-Pay after you meet your Total Annual Deductable.

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To amend the Internal Revenue Code of 1986 to expand health coverage through the use of high deductible health plans and to encourage the use of health savings accounts. $9.30 The BiblioGov Project is an effort to expand awareness of the public documents and records of the U.S. Government via print publications. In broadening the public understanding of government and its work, an enlightened democracy can grow and prosper. Ranging from historic Congressional Bills to the most recent Budget of the United States Government, the BiblioGov Project spans a wealth of gover…

Do high-deductible plans, coupled with HSAs, promote underinsurance? Consumer-directed care cuts bureaucracy.(POINT/COUNTERPOINT): An article from: OB GYN News $9.95 This digital document is an article from OB GYN News, published by International Medical News Group on October 15, 2008. The length of the article is 426 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Do high-deductible plans, cou…

Do high-deductible plans, coupled with HSAs, promote underinsurance? The sick and poor are left underinsured.(POINT/COUNTERPOINT): An article from: OB GYN News $9.95 This digital document is an article from OB GYN News, published by International Medical News Group on October 15, 2008. The length of the article is 407 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Do high-deductible plans, cou…

Get the most out of your health care benefits

(ARA) – In these tough economic times, everyone is looking to save more. While you may have already found ways to save on everyday household expenses, you may be overlooking important tools from your employer that can go a long way in helping you save and pay for health care needs.

HSA Plans – The mysterious High Deductible Health Plan

Question: What are disadvantages of HSA health insurance?

I am thinking about buying an HSA. This is the higher Deductible Health insurance with a Tax Deductible Savings Account. What are the drawbacks?

Answer: Are you healthy?
Do you have the deductible handy in the event you need it?

While the paperwork is reduced, you still need to know a few basics–such as if you see a doctor who is in network, you get the network price even though you are paying for it (before the deductible is hit).

I have been on one for a few years and have developed a nice little slush fund that isn’t use or lose like an FSA. What I don’t like is my particular HSA doesn’t have as many doctors in network as BC/BS. (I’m debating swtiching back…the HSA is still useable, I just wouldn’t be able to add to it.)

One ridiculous downside is the extra form at tax time. You have to file an honesty report with a 1040 if you either put money in (even through work) or take money out. If you are single, the form isn’t too bad, but it’s ridiculously complex if you are married. The rule is that you only get a tax deduction for money you paid with after tax dollars. While I put in $3000 this year, $720 was through the employer and I don’t get to deduct that twice.

Items on Amazon Right Now for Tax Deductible Savings:

TurboTax Basic Federal + e-File 2010 – [Old Version] $4.99 The Intuit TurboTax Basic Tax Year 2010 Software automatically double-checks to help make sure your return is accurate. It features downloadable Audit Support Center, which provides guidance on everything you need to do if you are contacted by the IRS. And finally, it files your return electronically and prints it on plain paper….

Quicken Rental Property Manager 2011 – [Old Version] $59.96 It shows how your rental properties are doing and where you’re spending at a glance. The Intuit Quicken Rental Property Manager 2011 Software identifies tax-deductible rental property expenses so you can maximize your tax deductions. It shows which rents have been paid so you know who owes you money and stores lease terms, rental rates and security deposits for each tenant….

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The Adventures of Jimmy Neutron Boy Genius Attack of the Twonkies $24.99 TaxCut Home & Business is two complete programs in one, and it includes everything you need to complete and e-file your personal and business federal and state taxes. You also get guidance for corporate, partnership, and payroll business returns, as well as personal tax forms from 1040EZ to Schedule C. A step-by-step interview guides you through a customized process, and the product includes Worry…

Lots to look forward to in 2010

The New Year is upon us, bringing with it all kinds of changes, big and small, good and, well, not so good.

Personal Financial Planning Tips : How to Design a Savings Plan

Question: after setting up llc for real estate investments?

Hello,
I’m considering setting up an llc to hold my real estate investments (small lots fully paid for) to protect the lots. My question is about what happens after the llc is setup. Specifically,
- Tax liability
- What if I just hold the property and don’t realize any income for a few years.
- How about real estate taxes? Is this deductible every year for tax purposes.
In addition, could anybody point me to any online resources on the subject of handling a real estate investment in an llc.

Answer: I am assuming you are referring to a single member limited liability company where you are the single member.

Tax liability is not changed by holding property in a single member LLC since it is a disregarded entity for federal tax purposes.

Land/lots are generally not going to have any income unless you rent them out.

Real estate taxes would be a deduction if you had income on those lots. There are specific rules regarding deduction of passive income, check with your accountant.

Items on Amazon Right Now for Tax Deductible Investments:

What Your CPA Isn’t Telling You: Life-changing Tax Strategies $11.69 This is a powerful story woven around one theme—TAX PLANNING CAN CHANGE YOUR LIFE Tackling the fundamental question asked by all taxpayers – How can I save on taxes? — attorney and CPA Mark J. Kohler empowers you to dismiss standard CPA viewpoints like your tax payment is what it is and you just make too much money. Simplified through the mastery of storytelling, Kohler invites you …

Lower Your Taxes – Big Time 2011-2012 4/E $10.76 Completely revised and updated—the must-have resource for saving thousands of dollars at tax time Taxes aren’t just a nuisance; they’re fast becoming the single biggest expense for the typical American household. Completely revised and expanded, Lower Your Taxes—Big Time! has everything taxpayers need to know about saving money on April 15—and every other day of the year. …

Every Landlord’s Tax Deduction Guide (2nd Edition) $34.99 This bestseller is the only book on tax deductions specifically for residential landlords! If you own rental property, you should be taking advantage of the many tax write-offs available. Every Landlord’s Tax Deduction Guide gives residential landlords the plain-English guide they need to save money on taxes — without the services of a high-priced accounting firm. This book explains how to ma…

TurboTax Basic Federal + e-File 2010 – [Old Version] $4.99 The Intuit TurboTax Basic Tax Year 2010 Software automatically double-checks to help make sure your return is accurate. It features downloadable Audit Support Center, which provides guidance on everything you need to do if you are contacted by the IRS. And finally, it files your return electronically and prints it on plain paper….

Finance and Banking

Key Points: The Government has indicated that it will wait for the Cooper review of the superannuation industry expected in June of next year before making a decision on the Parliamentary Joint Committee’s recommendations.

Personal Financial Planning Tips : How to Get Out of Debt

Question: What happens to the money in a health care savings account when you are no longer eligible?

I am changing jobs and this employer offers a HSA option that I find attractive. I like the concept but I’m concerned about what happens if I leave that employer down the road and the new employer does not offer a high Deductible Policy (i.e. I’m no longer eligible for the plan). I could always buy a policy myself above and beyond the HSA amount but I will likely prefer to handle this through my employer. Any info?

Answer: It sits in the HSA. You can still spend it on health care items, you just can’t add to it. (If you just take the money out before 65, it reverts to income and you owe a 10% penalty on it.)

Items on Amazon Right Now for High Deductible Savings Account:

To amend the Internal Revenue Code of 1986 to expand health coverage through the use of high deductible health plans and to encourage the use of health savings accounts. $9.30 The BiblioGov Project is an effort to expand awareness of the public documents and records of the U.S. Government via print publications. In broadening the public understanding of government and its work, an enlightened democracy can grow and prosper. Ranging from historic Congressional Bills to the most recent Budget of the United States Government, the BiblioGov Project spans a wealth of gover…

Do high-deductible plans, coupled with HSAs, promote underinsurance? Consumer-directed care cuts bureaucracy.(POINT/COUNTERPOINT): An article from: OB GYN News $9.95 This digital document is an article from OB GYN News, published by International Medical News Group on October 15, 2008. The length of the article is 426 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Do high-deductible plans, cou…

Do high-deductible plans, coupled with HSAs, promote underinsurance? The sick and poor are left underinsured.(POINT/COUNTERPOINT): An article from: OB GYN News $9.95 This digital document is an article from OB GYN News, published by International Medical News Group on October 15, 2008. The length of the article is 407 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Do high-deductible plans, cou…

Health savings seminar set for Jan. 13 at Pen Air

Pen Air Federal Credit Union on Jan. 13 will host a free health savings account seminar for business owners and managers.

CONGRESSMAN CARNEY TURNS ON HEALTH INSURANCE SAVINGS

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Items on Amazon Right Now for Hsa Deduction Form:

Make HSA investments wisely

Q: I am about to open a health savings account and would like to have my money going to the Vanguard Wellington fund or the Dodge and Cox Balanced fund. However, I noticed that none of the mutual fund companies, including Vanguard and Dodge and Cox, directly offer HSA accounts, as they do with, for example, IRA accounts. So, it would have to be through an intermediary.

HSA Contribution Limits for 2009