Retirement tax questions

Hi Crimsondryad!

Thank you for this very timely question! Let me add my info along with others that may join this thread.

THe HSA is similar in many respects to an IRA. By that, Any person who has income can purchase this

                                                           High Deductible HEALTH SAVINGS ACCOUNT

That is the rub! There, accordingly, are two types of HSAs, Individual and the Family Plan.  The cost is $3750 for Individual and $7500 for the family plan. The contributions to either plan are considered tax-free as long as they are used for medical use.

The IRS has clarified that you can withdraw tax-free money from the HSA to pay qualified medical expenses for the following:

• Yourself
• Your spouse (regardless of whether you file taxes jointly or separately)
• Any HSA eligible dependents you claim on your tax return (your children, or a Qualifing relative dependent, and any children who are claimed on your ex-spouse's tax return 
• Anyone you could have claimed as a dependent, but weren't able to because he or she filed a joint tax return (for example, your married teenage kid who files a joint return with his or her spouse) earned more than $4,400 (in 2022), or you (or your spouse, if you file jointly) could be claimed as a dependent on someone else's tax return.

Thanks for allowing me to chime in today!