Jul 31 in W2 Tax Strategies
Health Savings Account (HSA): Your Triple Tax-Advantage Secret Weapon
Hey all,
Let’s talk about one of the best tax-advantaged accounts out there – the Health Savings Account (HSA). This account offers three significant tax benefits and is a great option for those with high-deductible health plans (HDHPs).
Triple Tax Benefits:
- Tax-Deductible Contributions: Reduce your taxable income.
- Tax-Free Growth: Invest your HSA funds and watch them grow without paying taxes.
- Tax-Free Withdrawals: Spend on qualified medical expenses, and it’s tax-free!
Contribution Limits:
For 2024, you can contribute up to $3,650 if you’re single or $7,300 for families. Over 55? Add an extra $1,000!
Pro Tip:
Let your HSA funds grow by investing them. Treat it like a mini retirement account and only withdraw for significant medical expenses.
Example:
Contribute $3,650 this year, invest it, and it grows to $10,000 by retirement. That’s $10,000 tax-free for your healthcare needs.
Anyone here maximizing their HSA? Share your tips and tricks below!
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Health Savings Account (HSA): Your Triple Tax-Advantage Secret Weapon
skool.com/benchmark-iq-community-3526
This group is full of future members of Benchmark IQ's 3% club! Before you get there, this is an amazing place to begin saving on your taxes.
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