Can I deduct my Medical Savings Account contributions?

You may be able to deduct the amount of funds you deposited into a medical savings account. If you're filing as Married Filing Jointly, your spouse may also be able to deduct his/her funds deposited into his/her medical savings account.

For 2014, the maximum amount of deposited funds you may be able to deduct is $4,569. If filing as Married Filing Jointly, each spouse may be able to deduct up to $4,569 of deposited funds into his/her account for a maximum joint deduction of $9,138. Any investment income or interest earned on the funds deposited into a medical savings account is deductible if the income or interest is included in your federal adjusted gross income (Line 1 of your Ohio Form IT 1040). Note: You must reduce the amount of this deduction by any amount that you claimed on Line 25 of your federal Form 1040.

To determine if you're eligible for this deduction, complete the Medical Savings Worksheet  and enter the amount from Line 6 on the screen.

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