Problem 5-1 Health Savings Accounts (LO 5.1) Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2021, Evan has $200 per month deducted from his paycheck and contributed to the HSA. In addition, Evan makes a one-time contribution of $2,000 on April 15, 2022 when he files his tax return. Evan also receives a 2021 Form 1099-SA that reports distributions to Evan of $3,200 which Evan used for medical expenses. Compute the effect of the HSA transactions on Evan's adjusted gross income. These transactions decrease ✔Evan's AGI by 5,200 X Feedback Check My W Health Savings Accounts (HSAs) are a type of savings account which may be established for the purpose of paying unreimbursed medical expenses by taxpayers who carry qualifying high-deductible medical insurance. Contributions to HSAs are a deduction for AGI and are limited to certain dollar amounts depending on age and whether the high-deductible insurance covers an individual or a family.
Problem 5-1 Health Savings Accounts (LO 5.1) Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2021, Evan has $200 per month deducted from his paycheck and contributed to the HSA. In addition, Evan makes a one-time contribution of $2,000 on April 15, 2022 when he files his tax return. Evan also receives a 2021 Form 1099-SA that reports distributions to Evan of $3,200 which Evan used for medical expenses. Compute the effect of the HSA transactions on Evan's adjusted gross income. These transactions decrease ✔Evan's AGI by 5,200 X Feedback Check My W Health Savings Accounts (HSAs) are a type of savings account which may be established for the purpose of paying unreimbursed medical expenses by taxpayers who carry qualifying high-deductible medical insurance. Contributions to HSAs are a deduction for AGI and are limited to certain dollar amounts depending on age and whether the high-deductible insurance covers an individual or a family.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 5-1
Health Savings Accounts (LO 5.1)
Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2021, Evan has $200 per month deducted from his paycheck and contributed to the
HSA. In addition, Evan makes a one-time contribution of $2,000 on April 15, 2022 when he files his tax return. Evan also receives a 2021 Form 1099-SA that reports distributions to Evan
of $3,200 which Evan used for medical expenses.
Compute the effect of the HSA transactions on Evan's adjusted gross income.
These transactions decrease
✔Evan's AGI by
5,200 X
Feedback
Check My W
Health Savings Accounts (HSAs) are a type of savings account which may be established for the purpose of paying unreimbursed medical expenses by taxpayers who carry
qualifying high-deductible medical insurance. Contributions to HSAs are a deduction for AGI and are limited to certain dollar amounts depending on age and whether the
high-deductible insurance covers an individual or a family.
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