Your personal contributions offer you an “above-the-line” deduction. An “above-the-line” deduction allows you to reduce your taxable income by the amount you contribute to your HSA. You do not have to itemize your deductions to benefit. Contributions can also be made to your HSA by others (e.g., relatives). However, you receive the benefit of the tax deduction.
Articles in this section
- Can I fund my HSA account at the family level if I have single coverage?
- Can I Contribute the maximum HSA contribution if I enroll in an HSA plan mid-year?
- Can I spend HSA dollars on my adult child on my plan?
- Can I Contribute to an HSA and FSA In The Same Year?
- 2022 HSA Contribution Limits
- If I am turning 65 this year, can I still make an HSA contribution.
- Do My HSA Contributions Provide Any Tax Benefits?
- My qualified HDHP coverage was effective January 1st, but I didn't establish my HSA until June. Can I still make my maximum annual contribution, or is my contribution reduced by the number of months I didn't have an HSA?
- With a Flexible Savings Account, I Can Access 100% of my Annual Contribution on Day 1. Is That the Same as an HSA?
- Do I Lose Any Unused HSA Funds at the End of the Year?