Brendan Willmann, CPA, EA, CFP®
Asheville: 828-348-8698
Cincinnati: 513-549-2736

Health Savings Account

This category contains 4 posts

What happens to your health savings account (HSA) at death?

The ownership of a health savings account passes according to the beneficiary designation on file. If the beneficiary is the deceased account owner’s spouse, the funds are moved to a health savings account owned by the surviving spouse. Subsequent account distributions to pay for qualified medical expenses are not subject to tax. Alternatively, if the […]

How to Deduct HSA Contributions

There are two ways to make tax-deductible contributions to a health savings account: 1. Payroll Deduction Employees who contribute to their health savings account via payroll deduction are not subject to tax on the amount deferred.  As a result, no additional deduction is taken on the tax return.  The amount of the contribution (along with […]

Health Savings Account Contribution Limits – 2013 and 2014

With the popularity of high deductible medical insurance plans on the rise, an increasing number of people are eligible to contribute to a Health Savings Account (HSA). Employee or individual contributions to a Health Savings Account are either tax-deductible when made from payroll or deductible on the first page of the 1040 tax return.  As […]

Health Savings Account Contribution Limits – 2012 and 2013

With the popularity of high deductible medical insurance plans on the rise, an increasing number of people are eligible to contribute to a Health Savings Account (HSA). Employee or individual contributions to a Health Savings Account are either tax-deductible when made from payroll or deductible on the first page of the 1040 tax return.  As […]