- Year end Health Savings Account Tax Strategies 2007 is just around the corner, and there are numerous problems to think about in the event that you currently have an Health Savings Account (HSA), or are planning on getting one in the near future. 100% of the deposit you place in your HSA is deductible in your federal income taxes. If you are looking to reduce your 2006 tax weight and put away more money for retirement, your HSA is the initial place you need to set your hard earned money for those who have not yet maximized your contribution. The maximum you are able to give to your own HSA in 2006 is the smaller amount of your deductible, or $2,700 for singles and $5,450 for families. Individuals who are 55 or older may give an additional $700. Note that contribution limits are seo pressor plugin on how many whole months through the entire year in which you have a qualifying HSA medical insurance plan. In the event you tend not to fully finance your account for the present year, it's impossible to make a catch-up contribution for 2006 after this deadline. Individuals 55 or older will be allowed to contribute an additional $800. As a way to buy a medical expense from your HSA, it must be a qualified expense. Now is a great time to remember to have an exact record of your medical expenses for the year. Make sure you separate the expenses that you've reimbursed yourself from your HSA from those that you paid for out of pocket. Youwill want to retain receipts for all medical costs paid from your HSA with your 2006 tax records. Place the "non-reimbursed medical expenses" in affilorama buy now keeping them together with the concurrent year's tax records in whatever year you decide to reimburse yourself. The fee for over-financing your HSA is a whopping 6%. You have until April 15, 2007 to get excess funds for the 2006 tax year to avert the penalty. Your HSA administrator may notify you of any over-backing, however they're under no obligation to do this. It is your responsibility, so make sure to check into this in the event you think your may have over-funded you account. The minimum deductible for HSA-compatible medical insurance plans in 2006 was $1,050 for individuals and $2,100 for families. In 2007 this will increase to $1,100 for people and $2,200 for families. If you currently have an HSA-qualified plan using the cheapest eligible 2006 deductible, that deductible will automatically go through to January 1 to the new
-
Recent Activity
-
Recent Reviews
-
-
adlimea's Network
© 2025 CoolerAds, LLC and Kaesu, Inc. All Rights Reserved.
Designated Brands & Trademarks are the property of their respective owners.
Designated Brands & Trademarks are the property of their respective owners.
