Login | Sign Up
TechSideline

All Hokie, All the Time. Period. Presented by First Bank & Trust Company

The Lounge
◀ ▶
Tafkam Hokie
Joined: 10/07/1999
Posts: 40,227
Likes: 21,984
Tafkam Hokie
Founder Subscriber

If you use a non employer plan, I'm guessing

The money technically goes into the HSA after tax, then you include that on your tax return to get the credit back? With an employer plan, the money comes out of your paycheck pre tax. I can't think of how you could pull that off with a non employer plan.

It still works out as pre tax money in the end, but it does require the extra step of claiming the credit on your tax return, right?
Posted: 04/28/2022 at 09:44 PM ET
(In response to this post by beancounter77)

Thread Replies (25)

Full Thread →
Trying to make sure I'm not screwing up my retirement contributions
Tafkam Hokie • 04/28/22 03:14 PM ET
The answer is "No, they don't."
HokieJay • 04/28/22 05:56 PM ET
Don’t forget to maximize your HSA if you qualify
beancounter77 • 04/28/22 04:27 PM ET
I max mine every yr, my company seeds it with $4600 and I do the rest. Pay
B777Fr8Dog • 04/28/22 08:04 PM ET
(a) I don't have an HSA, and (b) when I have had one, it's always been a
Tafkam Hokie • 04/28/22 04:35 PM ET
Moot point if you’re not eligible, but just FYI next time, you don’t
beancounter77 • 04/28/22 08:12 PM ET
If you use a non employer plan, I'm guessing ◄
Tafkam Hokie • 04/28/22 09:44 PM ET
Correct, you will get a contribution tax form at the end of the year and
beancounter77 • 04/28/22 10:24 PM ET
I am fairly confident the traditional IRA and 401k contributions ...
vt90 • 04/28/22 03:17 PM ET
Did you know that a Roth IRA doesn't just collect money and you have to
Hurley09 • 04/28/22 04:03 PM ET
Oof, that's rough. At least you aren't 50 and finding that out.**
hoosnowahokie • 04/28/22 04:09 PM ET
LOL ... yep, I don't know much but I knew that.**
vt90 • 04/28/22 04:05 PM ET
I didn't know that. I though it was an "either, or" proposition.
EDGEMAN • 04/28/22 03:49 PM ET
Let me rephrase ...
vt90 • 04/28/22 03:52 PM ET
Roth contributions are non-deductible, but all earnings are tax free.
EDGEMAN • 04/28/22 03:59 PM ET
Right, but as Hoke points out below ...
vt90 • 04/28/22 04:02 PM ET
Also there is an income cap for IRA contributions
Hoke • 04/28/22 03:35 PM ET
Roth IRA also has income limits.
Tank • 04/28/22 04:13 PM ET
Unless your 401k plan permits AT contributions to backdoor Roth IRA.
Fatman • 04/28/22 04:29 PM ET
Income cap is not an issue. I just have no debt, no mortgage
Tafkam Hokie • 04/28/22 04:04 PM ET
I don't believe there is an income limit for non-deductible traditional IRA
vt90 • 04/28/22 03:40 PM ET
You're right on non-deductible
Hoke • 04/28/22 03:46 PM ET
True ... only benefits are that I am volume saving ...
vt90 • 04/28/22 03:48 PM ET
She can spend it, but you incur an additional penalty.
EDGEMAN • 04/28/22 03:50 PM ET
Nice work Andy Dufrene. **
GreenvilleVT • 04/28/22 07:50 PM ET
She's smarter than that and she wants to retire too.**
vt90 • 04/28/22 03:53 PM ET