FAQ from Tax Facts – HSA

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Health and Medical Savings Accounts

 

In General

 

  1. What is a Health Savings Account (“HSA”) and how can an HSA be established?

 

  1. Who is an eligible individual for purposes of a Health Savings Account (“HSA”)?

 

  1. What is a high deductible health plan for purposes of a Health Savings Account (“HSA”)?

 

Contributions

 

  1. What are the limits on amounts contributed to a Health Savings Account (“HSA”)?

 

  1. Must an employer offering Health Savings Accounts (“HSAs”) to its employees contribute the same amount for each employee?

 

  1. What is the penalty for making excess contributions to a Health Savings Account (“HSA”)?

 

Distributions and Transfers

 

  1. How are funds accumulated in a Health Savings Account (“HSA”) taxed prior to distribution?

 

  1. How are amounts distributed from a Health Savings Account (“HSA”) taxed?

 

  1. When may an account owner transfer or rollover funds into an HSA?

 

  1. Can an individual’s interest in a Health Savings Account (“HSA”) be transferred as part of a divorce or separation?

 

Death

 

  1. What happens to a Health Savings Account (“HSA”) on the death of an account holder? Can a surviving spouse continue an account?

 

Social Security

 

  1. Are amounts contributed to a Health Savings Account (“HSA”) subject to Social Security taxes?

 

Withholding and Reporting

 

  1. Are employer contributions to a Health Savings Account (“HSA”) on behalf of an employee subject to withholding?

 

  1. What tax reporting requirements apply to a Health Savings Account (“HSA”)?

 

Archer Medical Savings Account

 

 

309. What is an Archer Medical Savings Account (“MSA”) and how is it taxed?
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Other pages in this section on HSA’s – Health Savings Accounts

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