I am self-employed. I have $50/month out-of-pocket medical expenses. Can I get a deduction or credit for opening a medical savings account to pay these medical expenses?


You may be able to get a deduction from taxable income with an HSA account

When you enter a contribution into TurboTax, the program will let you know if and how much of the contribution is deductible-you will see the difference on the refund meter, if any.

You should make the above determination before you purchase the HSA.

HSA holders can choose to contribute up to $3,350 per individual and $6,650 for a family (HSA holders 55 and older are allowed an additional $1,000 contribution which means $4,350 for an individual and $7,650 for a family) - and these contributions are 100% tax deductible from gross income.

To enter an HSA contribution:

  • Type in hsa the search box, top right of your screen, then click the magnifying glass

  • Click the jump to hsa link in the search results

  • Follow to prompts and online instructions


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