| News from Washington |
| IRS: San Diego Area Taxpayers Impacted by Severe Storms, Flooding Qualify for Tax Relief; Various Deadlines Postponed to June 17 The Internal Revenue Service announced tax relief for individuals and businesses in parts of California affected by severe storms and flooding that began on January 21. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns, make tax payments, and make 2023 contributions to IRAs and Health Savings Accounts. Read More |
| IRS: Spokane Area Taxpayers Impacted by Wildfires Qualify for Tax Relief; Various Deadlines Postponed to June 17 The Internal Revenue Service announced tax relief for individuals and businesses in parts of Washington state affected by wildfires that began on August 18, 2023. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns, make tax payments, and make 2023 contributions to their IRAs and Health Savings Accounts. Read More |
| HSA Compliance Corner |
| Yes, a Spouse’s General Health FSA Affects Your HSA Eligibility A Health FSA automatically covers the participating employee, her spouse, her tax dependents, and her children to age 26. Her husband can’t stop or start participating unless he experiences a qualifying event, such as a birth, marriage, divorce, or adoption. But HSA eligibility isn’t a qualifying event, so the husband remains ineligible to contribute to an HSA. Read More |
| HSA Best Practices |
| Tax Season: Important HSA Considerations the Workforce Should Know With tax season on the horizon, employers and their benefits teams have a timely opportunity to continue educating employees about the tax advantages of HSAs, both for this year’s tax returns and for future financial planning. Here are important tax considerations to know about as employers educate employees on the benefits that HSAs provide. Read More |
| HSAs & Retirement |
| I’m Worried About Healthcare Costs During Retirement. What Do I Need to Know? Healthcare is one of the biggest costs you will face in retirement. In fact, by many estimates, it’s the single biggest cost for retirees. As you approach and enter retirement it’s important to understand what Medicare does and does not cover. You will likely also need supplemental insurance or a tax-advantaged savings account like an HSA to cover the rest of your expenses. Read More |
| Maximizing Your HSA |
| Your Adult Child May Be Able to Deposit as Much as You Can Can my adult child who is under age 26 and covered on my HSA-qualified plan open her own HSA? If so, how much can she contribute? It’s possible that a family could have three or more members covered on the same contract who each can contribute up to $8,300 in 2024 plus a $1,000 catch-up contribution for anyone age 55 or older. Read More |