Health Savings Account (HSA)
Menu Path: Deductions/Credits > Other Deductions/Credits > Health Savings Account (HSA) (1099-SA)
Enter on the Health Savings Account (HSA) screen.
If you participate in a high deductible health plan (HDHP) then a health savings account (HSA) can be set up by you or your employer to pay for qualified medical expenses.
A Health Savings Account (HSA) is NOT a Flexible Spending Account (FSA). Many people have an FSA where they withhold part of their salary for medical expenses and receive reimbursements when they submit their medical expense receipts to their employer. There are no reporting requirements for FSA's.
If your HSA contributions are made through your employer, your W-2 Box 1 Wages will have already been reduced by the amount you contributed to the HSA and the amount of HSA contributions your employer made on your behalf since they are tax-free. If you have HSA contributions on your W-2, make sure you fill out the additional information using the HSA link above.
If you have your own HSA plan that is not part of your employer's HSA or make contributions on your own, and it does not go through payroll, you'll receive a deduction on your tax return for any HSA contributions you make during the year.
Enter on the Health Savings Account (HSA) screen.
If you participate in a high deductible health plan (HDHP) then a health savings account (HSA) can be set up by you or your employer to pay for qualified medical expenses.
A Health Savings Account (HSA) is NOT a Flexible Spending Account (FSA). Many people have an FSA where they withhold part of their salary for medical expenses and receive reimbursements when they submit their medical expense receipts to their employer. There are no reporting requirements for FSA's.
If your HSA contributions are made through your employer, your W-2 Box 1 Wages will have already been reduced by the amount you contributed to the HSA and the amount of HSA contributions your employer made on your behalf since they are tax-free. If you have HSA contributions on your W-2, make sure you fill out the additional information using the HSA link above.
If you have your own HSA plan that is not part of your employer's HSA or make contributions on your own, and it does not go through payroll, you'll receive a deduction on your tax return for any HSA contributions you make during the year.
