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re: HSA Tax Deduction Question
Posted on 2/5/24 at 10:22 am to slackster
Posted on 2/5/24 at 10:22 am to slackster
As stated above, if you can afford to pay out of pocket plus fund HSA keep receipts and allow the HSA to compound. You can use the receipts to take the withdrawal years later. If you do this make sure it is invested for long term growth.
You could be better off making payroll deductions rather than manual contributions because payroll goes in pre tax avoiding the 7.65% FICA tax.
ETA: you should still be able to make manual contributions for 2023 and fund 2024 w payroll
You could be better off making payroll deductions rather than manual contributions because payroll goes in pre tax avoiding the 7.65% FICA tax.
ETA: you should still be able to make manual contributions for 2023 and fund 2024 w payroll
This post was edited on 2/5/24 at 10:25 am
1
Posted on 2/5/24 at 10:44 am to TorchtheFlyingTiger
After reading the replies & looking into it a little more. The wifes health ins has a max out of pocket of $8550 & google says to be eligible for a HSA the 2024 max out of pocket can not exceed $8050.
I have a low deductible plan so not eligible for family HSA
I have a low deductible plan so not eligible for family HSA
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