General Any US Federal Tax Experts Here?

[Huntn]

I know if you employer sticks money into your HSA- Health Savings Account, it's tax free, but what if you make your own contributions into your HSA? Is that a dollar for dollar deduction or is it handled as itemized deduction which these days which may not count for much if you are under the standard deduction.
Thanks!

 

[Herdfan]

The limits are 3600 for an individual or 7200 for a family. This is a combination of both employer and employee contributions.

So for an individual, if your employer puts in 2000, you can only add 1600.

 

[Huntn]

The limits are 3600 for an individual or 7200 for a family. This is a combination of both employer and employee contributions.

So for an individual, if your employer puts in 2000, you can only add 1600.

But I’m retired so it is all from me. The question for myself is if I am the only one contributing is it fully deductible when spent, or is it deductible dollar for dollar regardless of the standard deduction. I’m going to talk to my Heath bank and get their input. If I can get $3000 deduction then it would be worth it.

 

[Herdfan]

Deductible when put in the HSA account. Standard deduction will still apply. So if you don't meet the SD, then you get no direct deduction benefit, but it will still grow tax-free.