I do not have payroll deductions set up to contribute into my HD health insurance's HSA (health spending account). However, I have had expenses this year (and the last 2 years) that qualified as expenses exceeding what monies my insurance contributed into the HSA. If I make my own contributions this year with after-tax funds, can I get credit for these as tax-free when filing my taxes?
The insurance company's (Aetna) bank that manages this debit card (JP Morgan) stated I could add contributions on my own up to the year I first had this account (2012) and use them to 'refund' myself for expenses in these last few years. However, they would not tell me if this would overall reduce my taxable income when filing this coming year. Please advise. Thank you.
Yes, contributing to your Health Savings Account will reduce your taxable income for the year. You will enter it into TurboTax and it will take care of it. Just be sure that the TOTAL contributions for the year don't exceed $3300 for a self-only policy or $6550 for a family policy ($1000 more if you are over age 55).
For the future, it is usually better to contribute to the HSA from your paycheck through your employer. Besides saving income tax, it also usually saves Social Security and Medicare taxes.
Yes, contributing to your Health Savings Account will reduce your taxable income for the year. You will enter it into TurboTax and it will take care of it. Just be sure that the TOTAL contributions for the year don't exceed $3300 for a self-only policy or $6550 for a family policy ($1000 more if you are over age 55).
For the future, it is usually better to contribute to the HSA from your paycheck through your employer. Besides saving income tax, it also usually saves Social Security and Medicare taxes.