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Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2022, they participate in a health insurance plan with a $3,000 annual deductible and out-of-pocket maximum of $9,000. The only other health plan they have is a vision insurance plan. Required: a1. Are they eligible to contribute to a health savings account? a2. If they can contribute to an HSA what is their maximum contribution and deduction?

Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2022, they participate in a health insurance plan with a $3,000 annual deductible and out-of-pocket maximum of $9,000. The only other health plan they have is a vision insurance plan. Required: a1. Are they eligible to contribute to a health savings account? a2. If they can contribute to an HSA what is their maximum contribution and deduction?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2022, they participate in a health insurance plan with a $3,000 annual deductible and out-of-pocket maximum of $9,000. The only other health plan they have is a vision insurance plan. Required: a1. Are they eligible to contribute to a health savings account? a2. If they can contribute to an HSA what is their maximum contribution and deduction? Complete this question by entering your answers in the tabs below. Required A1 Required A2 X Answer is not complete. If they can contribute to an HSA what is their maximum contribution and deduction? Maximum HSA contribution/deduction < Required A1 Required A2 >
Transcribed Image Text:Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2022, they participate in a health insurance plan with a $3,000 annual deductible and out-of-pocket maximum of $9,000. The only other health plan they have is a vision insurance plan. Required: a1. Are they eligible to contribute to a health savings account? a2. If they can contribute to an HSA what is their maximum contribution and deduction? Complete this question by entering your answers in the tabs below. Required A1 Required A2 X Answer is not complete. If they can contribute to an HSA what is their maximum contribution and deduction? Maximum HSA contribution/deduction < Required A1 Required A2 >
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