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Tax Deduction Consulting: Archer MSA Deduction Moundsville WV

When you receive a distribution from an Archer MSA, it is also not taxed as long as it pays for a qualified medical expense. A qualified medical expense is one that may be deducted as a Medical deduction on an itemized return.

Harold D. Vealey (RFC®), CLU, LUTCF
(304) 346-2154
910 Chester Road
Charleston, WV
Company
Vealey Financial Services
Qualifications
Education: BA
Years of Experience: 43
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, BuySell, Compensation Plans

Data Provided by:
H&R Block
(304) 256-6521
1330 N EISENHOWER DR
BECKLEY, WV

Data Provided by:
H&R Block
(304) 643-4444
119 S PENN Ave
HARRISVILLE, WV

Data Provided by:
H&R Block
(304) 725-4603
71 JEFFERSON CROSSING WAY STE E
CHARLES TOWN, WV

Data Provided by:
H&R Block
(304) 229-0317
372 Middleway Pike Ste E
Inwood, WV

Data Provided by:
Mr. Gregory R. Metcalf (RFC®), RFP
(307) 723-5018
200 Ivy St
Weirton, WV
Company
Horizon Financial Group
Qualifications
Education: Ohio University, BBA FinanceCollege for Financial Planning's CFP Certification Professional Education Program
Years of Experience: 15
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Portfolio Management, Pension Planning, Retirement Planning, Medicaid Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Education Plan, Healthcare Accounts, Asset Protection

Data Provided by:
Liberty Tax Service
(866) 871-1040
324 W Washington St
Charles Town, WV

Data Provided by:
SullivanWebb, pllc Certified Public Accountants
(304) 697-0565
422 Kinetic Drive Suite C
Huntington, WV
 
Gunther's Tax Service
(304) 252-5432
826 Neville St
Beckley, WV

Data Provided by:
H&R Block
(304) 797-1216
3348 MAIN ST
WEIRTON, WV

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Tax Deduction Consulting: Archer MSA Deduction

Archer MSA Deduction

An Archer MSA is a Medical Savings plan that has several tax implications. The Archer MSA deduction is taken even for taxpayers who do not itemize their deductions.

Archer MSA Deduction

An Archer MSA, or Medical Savings Account, is a tax exempt trust or custodial account that is set up with a United States bank or insurance company to allow money to be set aside to pay future medical expenses. The contributions that are made to the Archer MSA are deducted from your taxable income on Form 1040. This can be done even if you do not itemize the deductions. Also, any interest or other income from the Archer MSA is tax free.

When you receive a distribution from an Archer MSA, it is also not taxed as long as it pays for a qualified medical expense. A qualified medical expense is one that may be deducted as a Medical deduction on an itemized return. If you do not take distributions from the account, they remain in the account from year to year. They are portable and you can take them with you when you switch employers or even if you leave the work force all together.

Before you can be eligible for an Archer MSA, you must have a HDHP. This is a high deductible health plan which is a plan that has a higher than ordinary deductible and a limit on yearly benefits. The HDHP is an innovative type of Health Insurance designed to deal with rising health costs and health insurance premiums by providing affordable health coverage for healthy workers. The premiums for the HDHP are low, but the deductible, or amount paid by the insured before coverage kicks in, is very high. The purpose of the Archer MSA is to set aside funds to cover this deductible or pay for expenses that exceed the yearly limits.

If you are an employee of a small employer who maintains a HDHP for you or your family, you can establish an Archer MSA. A small employer is defined as one that has less than 50 employees during the year. Self employed workers may start an Archer MSA ...

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