Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Interview Notes Carol Wheeler, age 56, is single. Carol earned wages of $48,000 and was enrolled the entire year in a high deductible health plan

Interview Notes
  • Carol Wheeler, age 56, is single.
  • Carol earned wages of $48,000 and was enrolled the entire year in a high deductible health plan (HDHP) with self-only coverage.
  • During the year, Carol contributed $3,000 to her Health Savings Account (HSA) and her cousin also contributed $1,000 to Carols HSA account.
  • Carols Form W-2 shows $600 in Box 12 with code W. She has Form 5498-SA showing $4,600 in Box 2.
  • Carol took a distribution from her HSA to pay her unreimbursed expenses:
    • 2 visits to a physical therapist due to a car accident $300
    • unreimbursed doctor bills for $700
    • prescription medicine $400
    • replacement of a crown $1,500
    • over the counter sinus medication $80
    • 10 Zumba classes for $125
  • Carol is a U.S. citizen with a valid Social Security number.
7. Carol is eligible to contribute an additional $________ to her HSA because she is age 55 or older. (Do not enter dollar signs, commas, periods, or decimal points in your answer.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Finance A Contemporary Application Of Theory To Policy

Authors: David N. Hyman

9th Edition

0324537190, 9780324537192

More Books

Students also viewed these Finance questions