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Medical savings account contribution
originally posted: 11/22/2006
reposted: 2/18/2011 This post has not
been recently reviewed or revised by the author and may be out of date.
If you notice an error or are in doubt, please send a new question by
email or ask for an update. Email asktony@tonynovak.com.
Q: I have a family medical
savings account, my daughter needs braces. What is the maximum amount I
can put in my medical savings account for the tax year?
A: Assuming that you were covered
for the full 12 months of 2006 and that you earn more than the amount
of the contribution, you can contribute 75% of the amount of your
qualifying health insurance policy deductible to a Medical Savings
Account.
You can increase the contribution to 100% of the policy deductible plus
a possible additional catch-up contribution (depending on your age)
simply by converting the Medical Savings Account to a Health Savings
Account. Most plan administrators will do this at no charge.
Summary
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