If you are enrolled in a high deductible health plan, you have a health savings account (HSA). Prior to HSAs, people who are self-employed could contribute to a medical savings account (MSA) if they had a high deductible health plan. This is located on Form 1099-SA.
If you or your employer contributed to a Health Savings Account (HSA), you qualify for the HSA deduction. For both an HSA and MSA, if you contribute to either account, it is not taxable income. However, annual contributions to an MSA cannot be made by both the employer and account holder. Additionally, the deductible and the taxpayer’s income are two factors that determine the MSA annual contribution limits.
Here are the HSA minimum and maximum annual deductible as well as the out-of-pocket expenses (for 2024).
Self-only coverage:
Family coverage:
Here are the MSA minimum and maximum annual deductible as well as the out-of-pocket expenses (for 2023).
Self-only coverage:
Family coverage:
For more information, click here.
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