Pay your Medical Expenses with an HSA

A health savings account (HSA), is a tax-advantaged medical savings account available to taxpayers who are enrolled in a High Deductible Health Plan (HDHP). Contributions to these plans made on an employer reduces the taxpayer’s taxable income and are reported on Form W-2, box 12, code W. Taxpayers who make contributions directly to their HSA will receive Form 5498-SA and can deduct the contribution on Form 1040, line 25 of their tax return.

Let's play the "What if?" game

The Internal Revenue Service can assist taxpayers experiencing difficult financial times including what it means to your income taxes when experiencing major life events.