How good is an HSA for a tax deduction?

Discussion in 'Trucker Taxes and Truck Financing' started by Klleetrucking, Jan 18, 2018.

  1. Klleetrucking

    Klleetrucking Medium Load Member

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    I now am on Medicare and BCBS gap insurance. I've had an HSA for many years mostly for tax purposes, curious if it's still worth having one? I've lowered my income by choice to lower my income tax,
    "low income,,low income tax" is my new work ethic. My tax guy is unavailable at the moment.
     
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  3. tscottme

    tscottme Road Train Member

    The lower your income, the less important any tax-break becomes. If you are healthy or don't go to the doctor for anything less than a heinous chainsaw accident it's a tax-break and a savings plan. With the recent increase in the standard deduction a lot of people are going to see their previous tax break loses any value.
     
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  4. BrandonCPA

    BrandonCPA Bobtail Member

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    A HSA is a great tax deduction at any tax bracket if you and your family are in good health and don't foresee yourself going to the doctor often. Instead of giving your money over to the insurance company you keep most of it. There are also a few nice strategies of using an HSA in retirement.
     
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  5. Accidental Trucker

    Accidental Trucker Road Train Member

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    to add: it is also good for those with chronic health issues By running your expenses through the HSA, your medical bills become a pre-tax expense.
     
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  6. BrandonCPA

    BrandonCPA Bobtail Member

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    Assuming you stay within the contribution limitations. Premiums can be tax free as well.
     
  7. subseaguru

    subseaguru Medium Load Member

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    does this still apply now with the new IRS rules and obamacare implosion? most of the info im reading is from 2015.
     
  8. BrandonCPA

    BrandonCPA Bobtail Member

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    I don’t know what the article says, but HSA rules stayed the same.
     
  9. Jmans

    Jmans Light Load Member

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    Have to look on IRS website.I do recall reading the new reform no longer.fines uninsured citizens.
     
  10. JoelP

    JoelP Bobtail Member

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    Just remember an HSA only works in conjunction with high-deductible insurance plans. If you're on Medicare, you won't be eligible to contribute as Medicare is not HDHP. But it is still dollar-for-dollar deduction up to the limit ($3450 single/$6900 family).
     
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