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Level 1
June 6, 2019
Solved

Is and fsa and a has the same thing?

  • June 6, 2019
  • 1 reply
  • 0 views
trying to answer the question under wages and income about if I have an has.  I do not have an has, but I do have an fsa.
Best answer by mnbob2
I'm assuming that you mean HSA. (Healthcare Savings Account). It's similar to your FSA (Flexible Spending Account) in that they are both not taxed. The HSA is more flexible and can be carried over year to year where the FSA can't. HSA's are commonly used with high deductible medical insurance plans. FSA accounts aren't reported on W-2's only in that your contributions reduce your wages (line 1) and therefore your taxable income. There is no separate entry in TurboTax.

1 reply

mnbob2Answer
Level 2
June 6, 2019
I'm assuming that you mean HSA. (Healthcare Savings Account). It's similar to your FSA (Flexible Spending Account) in that they are both not taxed. The HSA is more flexible and can be carried over year to year where the FSA can't. HSA's are commonly used with high deductible medical insurance plans. FSA accounts aren't reported on W-2's only in that your contributions reduce your wages (line 1) and therefore your taxable income. There is no separate entry in TurboTax.