HSA Tax Preparation,
Without the Stress
A health savings account is one of the most tax-advantaged accounts in the code, and most people who have one use only a fraction of what it offers. Money goes in deductible, grows without being taxed, and comes out tax-free when spent on medical costs, a combination no other account matches. But the account comes with eligibility rules that are easy to trip over, contribution limits that change with your coverage and age, and a common habit of treating it as a checking account for copays when it could be doing far more. Used well, an HSA can lower this year's tax and become one of the best retirement accounts you own.
Our office is at 12305 Gold Street in West Omaha. Some clients who have an HSA choose us because they know the price before we begin and deal directly with one credentialed professional throughout the process, not a seasonal tax preparer. Your return is prepared by a CFP® professional, CFA® charterholder, and Enrolled Agent. We respond promptly, even during tax season. Once your return is complete, you receive a recorded video that walks you through every number and what it means, so you understand what is being filed and why, and you are not required to pay until your return is ready to be filed.
Ready to Get Started
Choose the way that works best for you.
Some Situations That Might Apply to You If You Have an HSA
You contributed to an HSA
Contributions to a health savings account are deductible, and unlike most deductions you get them whether or not you itemize. If you contributed through payroll, the money was already pre-tax and should not be deducted again, but any amount you put in directly comes off your income on your return. There are annual limits that depend on whether your coverage is single or family, extra room once you reach a certain age, and a deadline that lets you still contribute for the prior year up to the filing date. We make sure your contributions are counted correctly, deducted where they should be, and not double-counted where they should not be.
Your eligibility changed during the year
The rules about who can contribute to an HSA are strict, and a mid-year change can disqualify you without your realizing it. You generally need a high-deductible health plan and no other conflicting coverage, so a spouse's plan, a general-purpose flexible spending account, or enrolling in Medicare can each end your eligibility, sometimes retroactively. Turning 65 and signing up for Medicare is a common trap for people still on the job, because Medicare enrollment stops HSA contributions and the timing has to be prorated. There is also a last-month rule that lets you contribute a full year's amount if you qualify late in the year, but it comes with a follow-through requirement. We sort out how much you were actually eligible to contribute so the account stays clean.
You took money out of your HSA
What you spend HSA money on decides whether the withdrawal is tax-free or not. Used for qualified medical costs, it comes out entirely tax-free at any age. Used for anything else, it is taxed, and before a certain age it also carries an additional penalty, though after that age the penalty falls away and it simply behaves like a retirement withdrawal. One feature many people miss: there is no deadline to reimburse yourself, so you can pay a medical bill out of pocket today, keep the receipt, and take the money out tax-free years later after it has grown. We make sure your withdrawals are reported correctly and that qualified expenses are not accidentally taxed.
We also help with related situations, including marketplace health insurance, retirement accounts, and itemized deductions. Or browse every income tax situation we help with.
Prefer to Learn
More First
Take a quick tour of how we work and what makes us different.
Why Choose MTS