Get the POWER of PRO!
Support Center > Knowledge base> Article: Idaho Medical Savings Account Contributions

Idaho Medical Savings Account Contributions

Article ID: 34996 Email Print
Question
Idaho Medical Savings Account Contributions

Answer

Medical Savings Account Contributions

An Idaho Medical Savings Account (MSA) allows you to save for medical expenses and nursing home costs while reducing the amount of Idaho income tax you owe. Contributions to a federal MSA do not qualify for this Idaho deduction.

To qualify as an MSA the financial institution must include the words Medical Savings Account or MSA on the statement provided to the account holder and in either the name, title, description, or designation of the account. This account is used exclusively to pay eligible medical, vision and dental expenses (as defined by the Internal Revenue Code), as well as health insurance premiums, supplemental Medicare premiums and long-term care.

Contributions to an Idaho MSA can be deducted from your adjusted gross income when you file an Idaho income tax return. A single person can contribute up to $10,000 each calendar year and a married couple filing jointly can contribute up to $20,000.


related articles

Article Details
Views: 361 Created on: Jun 15, 2013
Date updated: Sep 29, 2015
Posted in: STATES, Idaho

Poor Outstanding