Question
Help on tax problem, please. Tia is married and is employed by Carrera Auto Parts. In 2018, Carrera established high-deductible health insurance for all its
Help on tax problem, please.
Tia is married and is employed by Carrera Auto Parts. In 2018, Carrera established high-deductible health insurance for all its employees. The plan has a $2,700 deductible for married taxpayers. Carrera also contributes 5% of each employees salary to a Health Savings Account. Tias salary is $30,000 in 2018 and $32,000 in 2019. Tia makes the maximum allowable contribution to her HSA in 2018 and 2019. She received $600 from the HSA for her 2018 medical expenses. In 2019, she spends $1,400 on medical expenses from her HSA. The MSA earns $28 in 2018 and $46 in 2019.
a. What is the effect of the HSA transactions on Tia's adjusted gross income?
The maximum aggregate contribution to an HSA for a family in 2018 is $______. The earnings of an HSA as well as medical reimbursements are excludable. Based on Carrera's contribution, in 2018, Tia can deduct for AGI $______
b. What is the balance in Tia's HSA account at the end of 2019?
Tia has $______in her HSA account at the end of 2019.
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