Health Savings Accounts: Strategies under the Tax Cuts and Jobs Act
Health Savings Accounts: A Secret Loophole for Reducing Taxes While Saving Your Client Money
Earn 1 CE Federal Tax with Bill Nemeth, EA
April 16, 2019 from 2:00 pm - 3:00 pm ET
Live Online IRS Program Number: X9QQU-T-00561-19-O
Self-Study IRS Program Number: X9QQU-T-00561-19-S
This program reviews the requirements for establishing a health savings account (HSA) and the contribution limits for each type of HSA (individual or family). Employers traditionally contribute to an HSA for W-2 employees but the employee can contribute additional amounts up to the limit that reduces their taxable income. Since there are no required minimum distributions (RMDs), qualifying health expenses paid for out-of-pocket in past years may be “redeemed” and paid for with current HSA distributions. These balances in the HSA are non-taxable and become another tax-shielded investment tool.
Upon completion of this course, you will be able to:
• Determine if a taxpayer is eligible to open an HSA account.
• Describe the tax benefits of an HSA to employers.
• Describe the tax benefits of an HSA to employees.
• List the types of HSA plans.
• Describe HSA “triple play”.
Note: If you can't attend live, that's okay: go ahead and register and you will automatically receive the recording when it is sent out.
Bill Nemeth, EA
Bill Nemeth, EA, has over 30 years of experience as a tax professional – He and his wife Merry Brodie operated their tax franchise operation with 24 offices and 12,000 returns per year. They sold this business in 2012 and embarked upon a new endeavor, Tax Audit Guardians, assisting troubled taxpayers. Bill is currently GAEA President & GAEA Education Chair. He is active at the National Level as an elected member of the NAEA Affiliate Council. He holds bachelors (Kettering Institute) and masters degrees (MIT) in Mechanical Engineering and an MBA in Marketing (Wayne State University). He is an NTPI Fellow and has taught at NTPI. He has appeared on TaxTalkToday numerous times and has numerous articles published in the EA Journal. He is the former Chair of the Tax Education Committee and is a current member of the Tax Education Committee and the NAEA Education Foundation Board. He prepares and presents live programs and webinar programs on timely federal tax topics. He is a member of the IRS SouthEast Stakeholder Liaison Group and is active in the IRS IMRS (Issue Management Resolution System) calls. In his spare time, he and his wife Merry are amateur beekeepers.
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