Taxpayer can foresee he will have a big medical bill coming later this year. If he opens a HSA now. makes contribution to it and then withdraw later this year to pay for the bill, is it considered qualified withdrawal for medical expense?
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As long as he has the high deductible plan in place
Before he opens the HSA he should be fine.In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
Alexis de Tocqueville -
Thank you. I also hear that...
if the employer makes contribution to the HSA for an employee based on a non-discriminatory policy, then the employer contribution is not taxable to the employee. Is it correct?Comment
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True
A deduction to the employer, tax free to the employee.In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
Alexis de TocquevilleComment
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unless you live in CA; HSAs are an add-back for CA taxes.Comment
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WI also does not allow a deduction for HSA contributions.Comment
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