Wes Parker photo
AW Parker logo

Wes Parker, EA, CAA

 

AW Parker, P.C.

7990 Trinity Road, Suite 110

Cordova, TN 38018

 

Phone: 901-794-3528

Fax:     901-794-8354

 

Email: wes@awparker.com

2021 Tax Planning Guide

Health Savings Accounts

Some limits increased for Health Savings Accounts (HSAs) and their companion High-Deductible Health Plans (HDHPs).


CHSAs and HDHP*Combined employer and employee contributions


HDHPs now cover remote health care services and costs of COVID-19 related testing and treatment before the annual deductible is met. HSAs now cover menstrual care products and over-the counter products and medications.


HSAs are triple tax-advantaged with tax-deferred contributions, tax-free potential earnings and tax-free withdrawals for qualified medical expenses, and you can roll over any balance to the next year. Nonqualified withdrawals incur a tax penalty, but that disappears at age 65, when you can take withdrawals for any reason (just pay income tax on the nonqualified amount).


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

AW Parker, P.C. and LTM Client Marketing are unrelated companies. This guide was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
Avantax affiliated advisors may only conduct business with residents of the states for which they are properly licensed and registered. Securities offered through Avantax Investment Services, Member FINRA, SIPC, Investment advisory services offered through Avantax Advisory Services, Insurance services offered through an Avantax affiliated insurance agency. Not all products and services are offered by all financial professionals. Products and services listed may only be offered by properly licensed individuals.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.