I have a TP that pays for her LT care insurance out of her HSA account. I'm not sure if I can deduct this LT insurance premium on her Schedule A if she pays for it out of that HSA account seeing she gets a credit on Form 8889 for the health savings account deduction. It almost looks like it would be a double credit. Any help out there? I've read a few pubs on it, but still aren't sure what to do. Thanks for any help! Come on April 15th!!!!!
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Long-term care premiums can be paid for from the HSA, up to $260 for those under age 40, $490 if the client is between 41 and 50 years, and up to $2,600 if the client is 61 years or older. So, how much are we talking about here? Will the health costs break over the 7.5% haircut?
Giving you a bump
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Might Break the 7.5%
The total is $3097 and the TP is only 65 in 2013. She did pay a few months out of pocket.
Can you please let me know where these info is so I can read up on it more? I also like to print/pdf the info for my files.
Thanks alot for that info, it is very helpful.Comment
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Hi Ruth - see Pub 502.Comment
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Not deductible on Sch A if from HSA
Hi BHoffman...
I read the Pub 502 and got the info you stated. However, unless I understand incorrectly (under health savings accts), LT insurance payments are not deductible if paid from the HSA account because contributions to the HSA are deducted separately. That is what I thought from the beginning. Thanks for the info. I appreciate the right pub to use.Comment
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Don't know about the TP state, but in my state there is a credit for that!Comment
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No State Deducton
Thanks for reminding me to check the state. They don't allow it either.Comment
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