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Indiana Medical Savings Account Deduction

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Question
Indiana Medical Savings Account Deduction

Answer
You may be eligible for a deduction if your employer deposited funds in certain medical care savings accounts. If you received Form IN-MSA from the account provider you should deduct any medical withdrawals and exempt interest income reported in Box 2 and/or Box 7.
Note: You are not eligible to claim this deduction if you also claimed a medical savings account deduction on the front page of federal Form 1040.
Make sure you enclose Form IN-MSA or your claimed deduction will be denied.

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Article Details
Views: 1611 Created on: Jun 15, 2013
Date updated: Aug 07, 2015
Posted in: STATES, Indiana

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