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| How
do the tax savings work? |
HSAs make it easy to save on your taxes:
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At
the end of each year, you will be sent a statement showing the amount you contributed to
your HSA that year. You can deduct this amount provided it is less than or equal to the maximum
allowable contribution. |
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Much
like an IRA, HSA deductions are "above-the-line" and thus can be taken even if
you do not itemize. |
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If
you are self-employed, in addition to deducting your HSA contributions, you may be able to
deduct 100% of your health insurance premiums, provided that:
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You
are not eligible to participate in a subsidized health plan offered by an employer or your
spouse's employer. |
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The
deduction does exceed the amount of net income from your business. |
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