HSA Accounts
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gasherbrum1997
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Anyone have any advice on how to treat HSA accounts such that their triple tax advantage is reflected?
1
Best Answer
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OK, "triple tax free" is just a term that I haven't heard applied previously to an HSA. There's really nothing new there.Next, is the cash portion shown, at the HSA website, as a separate account of just part of the one investment account? How many accounts show on the HSA's statement to you?Set up Q to mirror what the HSA shows.BTW, SOME HSA's can be downloaded into Q. If you care to name the particular HSA institution, I can look them up.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP5
Answers
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My wife has an HSA, and I'm unfamiliar with this "triple tax advantage". Please elaborate.Also, there's 2 types of HSA accounts: those that hold cash only and those that hold investments and cash.The former is usually set up as a Savings type account, and the latter MUST BE an investment type account.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
The triple tax advantage is due to the fact that:
1). Contributions are tax free (either pre-tax payroll deduction or take a deduction if paid with after tax dollars)
2). Income from HSA investments, if any, is tax free
3). Funds spent are tax free, provided they are for qualifying medical expenses
My particular HSA has both a "savings" and an investment element. The former is due to the fact that a $2k min. is required in the account prior to any investments. So, wondering if best to set up two accounts (one as a savings, and the other as an investment account)?0 -
OK, "triple tax free" is just a term that I haven't heard applied previously to an HSA. There's really nothing new there.Next, is the cash portion shown, at the HSA website, as a separate account of just part of the one investment account? How many accounts show on the HSA's statement to you?Set up Q to mirror what the HSA shows.BTW, SOME HSA's can be downloaded into Q. If you care to name the particular HSA institution, I can look them up.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP5 -
NotACPA: does Quicken properly handle Fidelity NetBenefits based HSA?0
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I can't answer that as my wife's HSA isn't with Fidelity NetBenefits.evergreen.97 said:NotACPA: does Quicken properly handle Fidelity NetBenefits based HSA?
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0
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