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Daniel R. Cuddy, CPA, CFP®
Personal Financial Representative
Cuddy Financial Services
7 William Street
Auburn, NY 13021
Phone: 315-252-3600
Fax: 315-252-3625
Email: dcuddy@cuddyfinancial.com
2023 Tax Planning Guide
Health Savings Accounts
Limits for Health Savings Accounts (HSAs) and their companion High-Deductible Health Plans (HDHPs) increased significantly for 2023, thanks to high inflation.
*Combined employer and employee contributions
The ability of HDHPs to provide first-dollar coverage for remote health care services was extended through 2022, but will expire in 2023 unless Congress acts to continue this benefit.
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.*
HEALTH REIMBURSEMENT ARRANGEMENTS
Employers who offer a Health Reimbursement Arrangement (HRA) can offer employees a maximum of $1,950 in HRA benefits in 2023, up from $1,800.*Nonqualified withdrawals incur a tax penalty before age 65. After reaching 65, you can take penalty-free withdrawals for any reason, but must pay income tax on the nonqualified amount.
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Cuddy Financial Services 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.
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