Thanks for the informative video. Is there a 4th option where you just keep maxing out the HSA contributions each year and earning and pay your part of the medical costs out of Pocket until a later date after the money has time to grow? Kind of a savings account. What are your thoughts?
ok I watched you video. Great stuff. I did check my 2022 taxes on that line 17 on my 1040 is empty. As a matter of fact, going back to the prior years, I don't see anything on that line 17. I do see the HSA contribution amount for each year. SO i see the $3,600 that I put in HSA. But premium paid by my s corp , no, i don't see them listed. So I will ask my tax guy. Would it be something I would need to se up with my payroll company?
I am commenting while watching your video. I am at the very beginning of the video and I can tell you how I do it : My company pays for my insurance premiums, then registers it as a benefit to me, which is reported at tax time. On the other side I put the cash in the HSA, which is tax free. I suppose my company does not pay taxes of the benefit it gives me, but then that benefit is added to my W2 (doing S Corp) . Will I be correct? Let me watch the whole video
One can continue to contribute to an HSA past age 65 until 6 months before enrollment in Medicare. (People who have "credible health insurance" through an employer may postpone Medicare enrollment without penalty after age 65.)
@BrigitteBrodski, read this and then let me know your thoughts: www.irs.gov/pub/irs-drop/n-05-08.pdf?fbclid=IwAR0gyZCACm0hdZcHPBaBoTd8BE5Qse1Bf5PjFSBngApsJFcBTYc6ryh79t8_aem_AZ2sbZqJdLG82MZe77oEZV9ysu7HX_hk4Do-GNVD5SCbaD4KgRoTlV7eB9XUg8V25xk Happy to have you as a viewer, but please be mindful when making statements like this in the comments, it really confuses taxpayers who read them.
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Thanks for the informative video. Is there a 4th option where you just keep maxing out the HSA contributions each year and earning and pay your part of the medical costs out of Pocket until a later date after the money has time to grow? Kind of a savings account. What are your thoughts?
Amazing info!! Thank you so much, Navi!!!
Excellent!!
ok I watched you video. Great stuff. I did check my 2022 taxes on that line 17 on my 1040 is empty. As a matter of fact, going back to the prior years, I don't see anything on that line 17. I do see the HSA contribution amount for each year. SO i see the $3,600 that I put in HSA. But premium paid by my s corp , no, i don't see them listed. So I will ask my tax guy. Would it be something I would need to se up with my payroll company?
Sole proprietors can not deducted this on schedule C?
If i am a SMLLC w/ S-corp tax election, do I follow the requirements for an LLC or an S-corp (e.g meeting minutes, etc.)?
I am commenting while watching your video. I am at the very beginning of the video and I can tell you how I do it : My company pays for my insurance premiums, then registers it as a benefit to me, which is reported at tax time. On the other side I put the cash in the HSA, which is tax free. I suppose my company does not pay taxes of the benefit it gives me, but then that benefit is added to my W2 (doing S Corp) . Will I be correct? Let me watch the whole video
One can continue to contribute to an HSA past age 65 until 6 months before enrollment in Medicare. (People who have "credible health insurance" through an employer may postpone Medicare enrollment without penalty after age 65.)
No, as soon as you are eligible for Medicare you cannot contribute to an HSA.
You also have to sign up for Medicare Part A.
if you're greater than 2% surgeries you can't take pre tax via payroll. you might want to make a correcting video
@BrigitteBrodski, read this and then let me know your thoughts: www.irs.gov/pub/irs-drop/n-05-08.pdf?fbclid=IwAR0gyZCACm0hdZcHPBaBoTd8BE5Qse1Bf5PjFSBngApsJFcBTYc6ryh79t8_aem_AZ2sbZqJdLG82MZe77oEZV9ysu7HX_hk4Do-GNVD5SCbaD4KgRoTlV7eB9XUg8V25xk
Happy to have you as a viewer, but please be mindful when making statements like this in the comments, it really confuses taxpayers who read them.
Never got back to you!!🤔@@NaviMarajCPA