With most of the key provisions of the Affordable Care Act effective Jan. 1, 2014, HSAs stand poised to be reinvented, reinvigorated and rediscovered by a new segment of the population. They will expand at an even greater rate than in the past, presenting a great opportunity for credit unions to bring in new accounts and new customers, including partnering with small businesses.
Devenir is projecting continued strong health savings account asset and account growth over the next three years, announcing that over 20 million HSA accounts may hold over $36 billion in HSA assets by the end of 2016.
HSA Tax Savings Strategies May Help You Save Before April 15
In an ideal world, everyone has perfectly planned their tax positions before the year has closed. For example, taxpayers would have employed tax-minimizing strategies for 2013 during 2013. However, there are still a few strategies that can be employed this year that could minimize your 2013 taxes. One such strategy is a Health Savings Account or “HSA.”
Report HSA Contributions and Withdrawals on Your Tax Return
When you file, you'll need to include Form 8889 to report all contributions and withdrawals associated with your health savings account in 2013. The form has a line for reporting your direct contributions to your HSA, and you'll carry that deduction to line 25 of your Form 1040.