Health Savings Accounts

GPTKB entity

Statements (34)
Predicate Object
gptkbp:instanceOf gptkb:bank
gptkbp:abbreviation gptkb:HSA
gptkbp:administeredBy financial institutions
gptkbp:advantage contributions are tax-deductible
earnings grow tax-free
withdrawals for qualified medical expenses are tax-free
gptkbp:catchUpContribution $1,000 for age 55 and older
gptkbp:contributionLimit2024 $4,150 for individuals
$8,300 for families
gptkbp:country gptkb:United_States
gptkbp:eligibility medical equipment
prescription drugs
vision care
dental care
doctor visits
cannot be enrolled in Medicare
must be covered by a high-deductible health plan
cannot be claimed as a dependent on another person's tax return
gptkbp:establishedBy gptkb:Medicare_Prescription_Drug,_Improvement,_and_Modernization_Act
gptkbp:establishedIn 2003
https://www.w3.org/2000/01/rdf-schema#label Health Savings Accounts
gptkbp:penalty non-qualified withdrawals subject to income tax and penalty
no penalty after age 65, but income tax applies
gptkbp:portable account remains with the individual
gptkbp:purpose save for medical expenses
gptkbp:regulates gptkb:Internal_Revenue_Service
gptkbp:relatedTo gptkb:Health_Reimbursement_Arrangement
Flexible Spending Account
gptkbp:rollover unused funds roll over year to year
gptkbp:website https://www.irs.gov/publications/p969
gptkbp:bfsParent gptkb:IRS_Form_5329
gptkb:Medicare_Prescription_Drug,_Improvement,_and_Modernization_Act
gptkb:Medicare_Prescription_Drug,_Improvement,_and_Modernization_Act_of_2003
gptkbp:bfsLayer 6