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Tax Deduction Consulting: HSA Payroll Deduction for Employer Hockessin DE

One of the new and innovative medical insurance plans today is the Health Savings Account. These are call HSA accounts and sometimes cafeteria plans. The idea is that money is set aside in an account that can be used to meet unexpected medical expenses. In many case, the employer can deduct the funds for the employee and insure that they are transferred to the account manager.

Keith Al-Chokhachy, Certified Financial Planner(tm)
2751 Centerville Road
Wilmington, DE
Company
Title: Certified Financial Planner"
Company: Morgan Stanley Smith Barney
Years Experience
Years Experience: 8
Service
Captive Insurance,Life Settlements,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rol

Data Provided by:
Bill Curry
1521 Concord Pike
Wilmington, DE
Company
Company: Curry Poole Group, LLC
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
BS
MBA
JD
Years Experience
Years Experience: 42
Service
Pension for Highly Compensated Owners,Stock Market Alternative,Reverse Mortgage,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Portfolio Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Man

Data Provided by:
Brian K. Lureen (RFC®), CHFC, CLU
(610) 889-2066
5 Great Valley Pkwy Ste 334
Malvern, PA
Company
Heritage Advisory Services, Inc.
Qualifications
Education: BS
Years of Experience: 21
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CommOptions, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, BuySell, Compensation Plans

Data Provided by:
Globe Income Tax Service
(302) 998-2256
2116 Kirkwood Hwy
Wilmington, DE
 
Eller Michael Income Tax Service
(302) 652-5916
724 N Union St
Wilmington, DE
 
Joan L. Sharp (RFC®), CFP, CHFC, MSFS
(302) 324-5363
42 Reads Way
New Castle, DE
Company
Life Strategies, LLC
Qualifications
Education: BAMSFS
Years of Experience: 8
Membership
IARFC, FPA, SFSP
Services
Invoice, Estate Planning, Retirement Planning, Tax Planning, Charitable Planning, Asset Protection, Compensation Plans

Data Provided by:
Frank M. Levy (RFC®), CHFC, CLU
(302) 765-3500
205 Philadelphia Pike
Wilmington, DE
Company
Diversified Financial Consultants
Qualifications
Years of Experience: 34
Membership
IARFC, MDRT
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Asset Protection, Compensation Plans

Data Provided by:
H&R Block
(302) 999-8100
2407 KIRKWOOD HWY
WILMINGTON, DE

Data Provided by:
H&R Block
(302) 656-7212
106 S UNION ST
WILMINGTON, DE

Data Provided by:
Eller Tax Service
(302) 656-4787
2303 Lancaster Ave
Wilmington, DE
 
Data Provided by:

Tax Deduction Consulting: HSA Payroll Deduction for Employer

HSA Payroll Deduction for Employer

Health Savings Accounts (HSA) are becoming more popular. The HSA payroll deduction for employer can be handled in a number of ways.

One of the new and innovative medical insurance plans today is the Health Savings Account. These are call HSA accounts and sometimes cafeteria plans. The idea is that money is set aside in an account that can be used to meet unexpected medical expenses. In many case, the employer can deduct the funds for the employee and insure that they are transferred to the account manager. The HSA payroll deduction for employer is one of those types of deductions that is not mandatory and must be authorized by the employee.

The HSA payroll deduction amount is listed on the W-2 form, but in most cases it is a pre-tax deduction. This is one of the advantages to the employee of the plan. Since the deduction is made from the gross pay earned before taxes are calculated, the tax amount is reduced. This is in addition to the idea that funds are being set aside for medical expenses or treatments. Since the fund managers may be investing the funds that remain in the plan, a third advantage is realized.

The employee is required to file an IRS form 8889 with their taxes when they have deductions or disbursements from an HSA. This must be done even if no funds were contributed, but only withdrawn from the account. Line 9 of the form 8889 is for the amount of pre-tax contributions made. There are limits to the total amount that can be placed into the plan, of course. It is also possible to make post tax contributions to the plan and these are listed on line 13. Usually, post tax contributions are made directly to the HSA and do not involve a payroll deduction.

When a distribution is made from the fund, the taxpayer should receive a 1099-SS form detailing the amount of the distribution. This amount goes on line 14-A of the form 8889. There might also be unreimbursed medical expenses that are entered on lone 15. T...

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