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Tax Deduction Consulting: Archer MSA Deduction Wasilla AK

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.

Liberty Tax Service
(866) 871-1040
11409 Business Blvd # 1201
Eagle River, AK

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Hauber & James Tax & Financial Services Inc
(907) 789-3091
9340 Glacier Hwy Ste 43b
Juneau, AK
 
H&R Block
(907) 338-4848
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ANCHORAGE, AK

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H&R Block
(907) 222-2637
1120 HUFFMAN rdSTE 23
ANCHORAGE, AK

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Mr. Micah Vincent Shilanski (RFC®), CFP, CSA
(907) 278-1351
431 W. 7th Avenue Suite 100
Anchorage, AK
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Liberty Tax Service
(866) 871-1040
322 Muldoon Rd # B
Anchorage, AK

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Liberty Tax Service
(866) 871-1040
11409 Business Blvd # 1201
Eagle River, AK

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H&R Block Inside Eastview Center
(907) 337-1040
5520 LAKE OTIS PKWY STE 102
ANCHORAGE, AK

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H&R Block
(907) 283-4889
11312 KENAI SPUR HWY
KENAI, AK

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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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