Resources:
- IRS Publication 969: Health Savings Accounts and Other Tax-Favored Health Plans
- 2011 Form 8853: Archer MSAs and Long-Term Care Insurance Contracts
- 2011 Instructions for Form 8853
Why YOU Should Care:
If you establish an Archer MSA, you can claim a tax deduction for contributions even if you do not itemize your deductions on your Form 1040. Interest and other earnings on contributed assets are tax-free if used to pay qualified medical expenses.
Continue reading “The Basics: Medical Savings Accounts (MSAs)”
