March 27th, 2012 : Change for HSAs and MSAs


Mar
27

Change for HSAs and MSAs


Posted in Accounting Newsletter by Admin


Change for HSAs and MSAs

Change for HSAs and MSAs

Starting in 2011, the additional tax on distributions from a health savings account (HSA), not used for qualified medical expenses, increases from 10 percent to 20 percent. Report on Form 8889. Similarly, the additional tax on distributions from an Archer medical savings account (MSA), not used for qualified medical expenses, rises from 15 percent to 20 percent.

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