Which of the following is a false statement about health savings accounts (HSAs)? a.HSAs are available...
Which of the following is a false statement about health savings accounts (HSAs)?
a.HSAs are available to any taxpayer using a health plan purchased through the state or federal exchange under the Affordable Care Act.
b.Distributions from HSAs which are not used to pay qualifying medical expenses are generally subject to a 20 percent penalty as well as income taxes.
c.Taxpayers who contribute to an HSA must carry qualifying high-deductible health insurance.
d.Taxpayers must contribute to the HSA by April 15 of the year following the tax year for which they want the deduction.
e.Distributions from HSAs are not taxable when used to pay qualifying medical expenses.
Homework Answers
HSA's are NOT available to any taxpayer using a health plan purchased through the state or federal exchange under the affordable care act.
Therefore, the correct answer is option a.
The FALSE Statement about Health Saving Account is - HSA's are available to any taxpayer using a health plan purchased through the state or federal exchange under the affordable care act.
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