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Health
Savings Accounts offer generous deductions on Federal
income tax for any deposits made to the account.
Most states also offer the same deductions on state
income taxes. However, since HSAs were set up
as a federal program, the individual states can choose
to comply with the federal guidelines concerning tax
treatment of HSAs, or establish their own rules.
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Please
see the charts below for the tax treatment of your state.
Select your state to see their official website.
- These
states have indicated they will follow the tax treatment
established by the federal government for HSAs, offering
deductions on state income taxes for contributions to Health
Savings Accounts.
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States
that follow federal tax treatment
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Hawaii's
Act 89 (2004) conforms state taxes with federal law,
as amended to Dec. 31, 2003. HSAs are included.
See HI-Ann. 2004-02. |
- These
states have indicated that they must pass state legislation
before Health Savings Accounts will receive a tax benefit
at the state level.
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States
that must pass legislation at the state level
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- Individuals
from these states are not taxed on income at the state level.
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States
not affected by federal income tax guidance
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- HSA
holders from these states may have to pay state income taxes
on interest or dividends earned in their HSA.
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States
that do not tax income, but do tax dividends and
interest
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- Currently,
only Washington
DC has not indicated their position on HSAs:
We do not yet have information on whether they will offer
deductions on state income tax for HSA contributions.
This
information was last updated on 02/22/2008.
Disclaimer:
HSA for America
and its affiliates are not engaged in rendering tax, investment
or legal advice. The information on this page may
have inaccuracies, and federal and state tax regulations
are subject to change. If tax, investment or legal
advice is required, seek the services of a licensed professional.
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