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Tax treatment of Health Savings Accounts

WEBA. Health Savings Accounts are a great way to cover your medical expenses. HSA contributions through payroll deductions are made on a pre-tax basis. These …

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URL: https://njmoneyhelp.com/2017/04/tax-treatment-health-savings-accounts/

The rules of a Health Savings Account

WEBFor 2015, if you have self-only HDHP coverage, you can contribute up to $3,350. If you have family HDHP coverage, you can contribute up to $6,650. “You can roll over …

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15 Mar Do I qualify for a Health Savings Account (HSA)

WEBA Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers who are enrolled in a high deductible health plan (HDHP). A high deductible …

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I got a health insurance refund. Do I include it as income on my …

WEBIt would seem if you received a New Jersey tax benefit for the premiums paid on your prior year New Jersey return, the insurance premium refund could be …

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Can I save in my health savings account after age 65

WEBThe employed person turns 65 years old but isn’t planning to retire yet. “The couple can both stay on the employer’s health plan. If it’s an HSA-qualified plan, they …

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Are health insurance premiums deductible on tax returns

WEBMedical expenses, including medical insurance premiums, are deductible on your federal tax return to the extent they exceed 7.5% of your adjusted gross income, …

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How to buy health insurance

WEBQ. I lost my job two years ago and I need to buy health insurance. How do I start? — Needing coverage. A. Before you start looking for health insurance, let’s make …

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Pre-existing condition coverage in NJ

WEBBut to protect insurance companies from individuals coming into the system only when they needed care, then getting treatment and jumping back out, the law allowed a pre …

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What medical expenses are tax deductible

WEBNot every expense is deductible, but lots are. Equipment, such as crutches, wheelchairs, artificial limbs and hearing aids are deductible, Gobo said. So are dental services, …

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I’m on Medicare. Can I be covered by my husband’s HSA

WEBAs you noted, for 2022, the maximum contribution to an HSA is $3,650 for an individual and $7,300 for a family. For those age 55 and older, an additional $1,000 …

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How can I deduct medical costs on my tax return

WEBAny excess is carried to Schedule A, combined with your other medical expenses, and reduced by 7½% of your adjusted gross income, Karu said. “For New …

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Should I choose Medicare over my employer’s health plan

WEBMedicare premiums are indeed included as a component of medical expenses, said Neil Becourtney, a certified public accountant and tax partner with …

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Why don't all W-2s show health insurance costs

WEBKiely said you are aware of the amount your former employer is paying for your medical insurance because your former employer is required to issue you a W-2. …

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How to help Mom when Dad has Alzheimer's

WEBQ. My 82-year-old father was recently diagnosed with Alzheimer’s and my mother, 78, takes care of him. They have $1 million in retirement funds and they want to …

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I have union insurance. Will I need Medicare Part B

WEBOnce eligible, you may enroll into the Medicare program. If you are currently covered under Medicare Part A before age 65 due to disability, you will also be eligible …

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What happens if we don’t take Medicare Part B

WEBSo if you don’t have Medicare Part B and have a $10,000 medical event, you would be responsible for $8,000 before his retirement program kicked in, she said. …

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I’m retiring. COBRA, GetCoveredNJ or other options

WEBHealthcare is a huge issue to tackle in retirement. From a cost perspective, for you, the best option is Medicare, said Matt Rembish, a certified financial planner with OneDigital in …

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Making sure your 'power of attorney' is legal

WEBA durable power of attorney is a written document by which an individual – the principal – grants the authority to one or more other individuals – the agent or attorney-in-fact – to …

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Will NJ FamilyCare try to get money from my estate

WEBIn that case, DMAHS will not enforce the lien until the property is voluntarily sold or the resident family member dies or vacates the property. You can call the …

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03 Jul Tax returns when couple lives in different states

WEBQ. Last month my longtime girlfriend and I finally tied the knot. She lives and works in Pennsylvania and is a homeowner there. I live and work in New Jersey where I …

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Can I sell my long-term care insurance policy

WEBShe said according to the Genworth Cost of Care annual report, the costs for assisted living facilities in New Jersey average $6,065 per month, while nursing …

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Do I owe taxes on this inheritance

WEBQ. A friend who lives in the United Kingdom died and left me about 50,000 pounds, which I want to transfer to the United States. I’m considering a bank-to-bank …

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