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Indiana Medical Savings Account Deduction

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Indiana Medical Savings Account Deduction

Answer

Medical Savings Account Deduction 612

You may be eligible for a deduction if your employer deposited funds in certain medical care savings accounts. If you received Form INMSA 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.

Enter code 612 on Schedule 2 under line 11 if claiming this deduction.


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Views: 282 Created on: Jun 15, 2013
Date updated: Sep 11, 2015
Posted in: STATES, Indiana

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