So how do you pay on your partner’s well being care prices together with your Health Savings Account?
Our Retirement Daily’s Robert Powell caught up with Jeffrey Levine, CPA and tax professional from Buckingham Strategic Wealth Partners, for some recommendation.
Watch the video interview above, or learn the video transcript under.
Recommended Read: When Can You Claim a Tax Deduction for Health Insurance?
Video Transcript| Jeffrey Levine, CPA and Tax Expert, Buckingham Strategic Wealth
Robert Powell: What are the tax implications of paying for a partner’s well being care prices with the account proprietor’s HSA? Here to speak with us about that is Jeffrey Levine from Buckingham. Jeffrey, welcome.
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Jeffrey Levine: Good to be with you, Bob. So that is a kind of fascinating questions the place it is my account, it is my cash. Can I exploit it to pay for you? And the reply is sure if you’re a partner (even when submitting a separate return) or a dependent (claimed) on a tax return. So that couple may use the HSA of 1 partner to pay for the medical bills of the opposite. They may additionally use considered one of their HSAs to pay for the medical bills of their kids. All of that’s simply tremendous. And after all, Bob, if they’re certified medical bills, these distributions from the HSA are 100% tax and penalty-free no matter age.
Editor’s Note: The content material was reviewed for tax accuracy by a TurboTax CPA professional.
Zach Faulds contributed to the writing of this text and produced the video and/or the graphics related to it.