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re: Tax question - HSA?
Posted on 4/9/16 at 7:24 pm to LSUFanHouston
Posted on 4/9/16 at 7:24 pm to LSUFanHouston
Right understand that, but I contribute right now. That money is post-tax. Does that lower my taxable income for 2015 or does it subtract from taxes owed (4600 - 3000 = 1600 tax now owed)
1
Posted on 4/9/16 at 8:02 pm to buford4LSU
No.
If you contribute right now, and you tell your HSA company to tag it as a 2015 contribution, then you can reduce your taxable income on Page 1 by an additional $3,000.
It will reduce your taxable income by $3,000, it will not reduce your tax owed by $3,000.
You are getting hung up on post tax and pre tax. Those are terms used to describe paycheck contributions. This is not a paycheck contribution, this is a deduction you are taking on your tax return.
You will fill out Form 8889. In Line 2 put both contributions from your paycheck and this new money (3,000). Line 9 will be paycheck contributions. Line 13 will be $3,000. Then on Form 1040, Line 25, you will put $3,000.
If you contribute right now, and you tell your HSA company to tag it as a 2015 contribution, then you can reduce your taxable income on Page 1 by an additional $3,000.
It will reduce your taxable income by $3,000, it will not reduce your tax owed by $3,000.
You are getting hung up on post tax and pre tax. Those are terms used to describe paycheck contributions. This is not a paycheck contribution, this is a deduction you are taking on your tax return.
You will fill out Form 8889. In Line 2 put both contributions from your paycheck and this new money (3,000). Line 9 will be paycheck contributions. Line 13 will be $3,000. Then on Form 1040, Line 25, you will put $3,000.
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