Mark Kohler explains how an HSA works like a tax-free ATM: contributions are deductible, growth is tax-free, and withdrawals for medical costs are tax-free at any age. You can contribute up to $8,300 and invest the money to grow it.
A health savings account is like a Roth IRA for medical, but it's even better. You get a tax deduction on the front page of your tax return at any income level, no matter how much you make. Young or old. Don't even have to have a small business. You can take a deduction on the front page of your tax return to put money in the hsa. It grows tax free and it comes out tax free for medical. Not when you're 59 and a half tomorrow. So this is like a tax free ATM that you can invest and grow tax free and it pays out for your medical.
Let's give them the raw numbers for 20. How much can they put in for this year?
I'm going to quote last year's number. Here's why. You can still put money in it for last year and get a tax deduction up until April 15th. 8300 if you're head of household, single mom or single dad or married. Or 4,150 if you're 50 or older. You can even drop an extra thousand in it and get a tax deduction dollar for dollar on the front page of your return.
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