Which of the following is an incorrect statement regarding health savings accounts (HSAs)? a. Only persons with

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Which of the following is an incorrect statement regarding health savings accounts (HSAs)?

a. Only persons with high-deductible health care plans can contribute to an HSA.

b. Only persons with earned income can contribute to an HSA.

c. The maximum contribution to an HSA that can be made by a 60-year-old person who has a qualified (HSA-eligible) family coverage health care plan is $7,550.

d. A 20% penalty applies to nonqualified distributions from an HSA.

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Essentials Of Federal Income Taxation For Individuals And Business

ISBN: 9780808038009

15th Edition

Authors: Linda M. Johnson

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Question Posted: Oct 12, 2024 03:02 AM

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Which of the following is an incorrect statement regarding health savings accounts (HSAs)? a. Only persons with

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Essentials Of Federal Income Taxation For Individuals And Business

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