tag:blogger.com,1999:blog-6318055043707993918.post5318318280710540712..comments2024-02-20T02:12:18.090-05:00Comments on THE WANDERING TAX PRO: ASK THE TAX PRO – NEW JERSEY AND HEALTH SAVINGS ACCOUNTSRobert D Flachhttp://www.blogger.com/profile/06034127763662917220noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-6318055043707993918.post-14167095945956898712016-06-02T10:17:25.228-04:002016-06-02T10:17:25.228-04:00Just thought I'd leave a comment on the subjec...Just thought I'd leave a comment on the subject related to health expenses and taxes. The Health Savings Account (HSA), when you think about it, is the "ultimate" tax shelter against federal taxes, perhaps even better than any IRA or 401k (which you should still contribute to as well). Money contributed to a Health Savings Account gets deducted from your gross income, if invested wisely, grows tax free, and as long as the money is used for health-related expenses, you will never pay any federal tax on the withdrawals, unlike withdrawals from IRAs and 401k plans (state tax laws may vary). If you contribute the maximum amount to an HSA ($6750 for most families in 2016) and never use any of the money for health expenses during the year, you are getting the best deal of all because the money will simply roll over, continue to grow tax-free and will always be available to you for un-reimbursed medical expenses, which are likely to be more substantial by the time you retire. This can work well for the rest of us who don't have the ability or means to set up a dummy corporation in the Cayman Islands or Bermuda for sheltering our investment income. I intend to write further about this on my own blog.Chris Johnson, EAhttp://www.cajtaxsolutions.comnoreply@blogger.comtag:blogger.com,1999:blog-6318055043707993918.post-81294883483450398072007-10-24T19:25:00.000-04:002007-10-24T19:25:00.000-04:00That was great! The NJ-1040 instructions are cryp...That was great! The NJ-1040 instructions are cryptic even for initiates, and I really like the way you expanded the topic to cover the NJ-1040 medical expense field.<BR/><BR/>I've only been reading your blog for a couple of weeks and I'm hooked.Anonymousnoreply@blogger.com