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Tax Deduction Consulting: HSA Payroll Deduction for Employer Manchester NH

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.

Mr. James E. Knee (RFC®), MBA
(603) 224-1010
6 Loudon Road, Suite 505
Concord, NH
Company
Sterling Financial Services, LLC
Qualifications
Education: B.S., University of Bridgeport;MBA, Southern New Hampshire University;Advanced Certificate in International Business;Series 24 Registered Principal License;Series 7 and 63 Securities License;NH Health and Life Insurance License
Years of Experience: 26
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Education Plan, Asset Protection

Data Provided by:
Fishers Income Tax Svc
(603) 622-2057
616 Mast Rd
Manchester, NH

Data Provided by:
H&R Block
(603) 647-6974
1328 Hooksett Rd
Hooksett, NH

Data Provided by:
Melanson Heath & Co PC - Linda Imhoff CPA
(603) 882-1111
102 Perimeter Rd
Nashua, NH

Data Provided by:
Devereaux & Ean-Dixon Bookkeeping LLC
(603) 717-1214
PO Box 2794
Concord, NH
Prices and/or Promotions
10% off of individual tax return prep

H&R Block Inside Northside Plaza
(603) 628-1976
67 HAMEL DR UNIT B4A
MANCHESTER, NH

Data Provided by:
Danis & Company
(603) 656-9041
169 South River RD #14
Bedford, NH
 
Steele Associates
(603) 673-4660
54 Nashua St
Milford, NH

Data Provided by:
Kline & Company, CPA, P.C.
(603) 881-8185
141 Main Street
Nashua, NH
 
J Walker & Co LLC
(603) 224-4829
104 N State St
Concord, NH
Hours
Mon 09:00 AM-05:00 PM;Tue 09:00 AM-05:00 PM;Wed 09:00 AM-05:00 PM;Thu 09:00 AM-05:00 PM;Fri 09:00 AM

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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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