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I'm self-employed. How does an HSA reduce my taxable income - What is deductible?: Total contributions? Or just whatever is leftover in the HSA after qualified expenses?
I have a high deductible health plan, and I'm trying to determine if opening an HSA would help reduce my taxable income.
At tax time, what is deductible?: The total amount I contributed to the HSA during the tax year, or whatever is remaining in the HSA account after subtracting qualified health expenses?
Since I'm self-employed, relatively healthy, and don't have much to contribute to an HSA, I'd only be contributing $500/yr at the most, and would expect to use up whatever I've contributed - Meaning, there wouldn't be any balance in my HSA to roll over into the next tax year.
If I use my HSA in this way, is there any real tax benefit?
May 31, 2019
4:51 PM