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I owe around $1000. in Federal Taxes. I want to put some in an HSA or investment account to off set this amount. How do I know how much I should deposit?

 
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ColeenD3
Expert Alumni

I owe around $1000. in Federal Taxes. I want to put some in an HSA or investment account to off set this amount. How do I know how much I should deposit?

Do you have a High Deductible Health Plan?

 

For 2020, if you have an HDHP, you can contribute up to $3,550 for self-only coverage and up to $7,100 for family coverage into an HSAHSA funds roll over year to year if you don't spend them. An HSA may earn interest or other earnings, which are not taxable. 

I owe around $1000. in Federal Taxes. I want to put some in an HSA or investment account to off set this amount. How do I know how much I should deposit?

if you're in the 20% bracket you have to put in five times that amount.

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