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John is 63 years old and participates in a family high deductible health plan. He is interested in making the maximum health savings contribution possible
John is 63 years old and participates in a family high deductible health plan. He is interested in making the maximum health savings contribution possible for himself and his wife.
a) How much can John contribute in 2017? What is the deadline to do so?
b) Assume John is 'married filing jointly' and has the following:
AGI: 90,000
Taxable Income : 70,000
Medical Expenses: 13,000
What would John's new taxable income be if he makes the maximum contribution and how much federal tax would he save?
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