All the following statements concerning HSAs are correct, EXCEPT: A. Group of answer choices HSA distributions used by t...
All the following statements concerning HSAs are correct, EXCEPT:
A. Group of answer choices HSA distributions used by the participant-taxpayer for the family’s medical expenses are excluded from the taxpayer’s gross income.
B. Any HSA distributions not used for medical expenses are subject to federal income taxes.
C. If HSA contributions are less than the prescribed limits, the account earnings are included in the account holder’s gross income for federal income tax purposes.
D. Contributions will be deductible even if individuals do not itemize.
Homework Answers
Answer is option C. Interest on contribution within limits are not taxable only the excess is taxable@6%. Hence not included in gross income.
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All the following statements concerning HSAs are correct, EXCEPT: A. Group of answer choices HSA distributions used by t...
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course, as IRS forms are not available until just...
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