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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
2024 Tax Planning Guide
Tax-Advantaged Healthcare Arrangements
Health Savings Accounts
Limits for Health Savings Accounts (HSAs) and High-Deductible Health Plans (HDHPs) are increasing by about 7% for 2024. HSAs are triple tax-advantaged with tax-deferred contributions, tax-free potential earnings, and tax-free withdrawals for qualified medical expenses. You can roll over any balance you had left at year-end 2023 to 2024. Nonqualified withdrawals before age 65 incur a tax penalty. After reaching 65, you can take penalty-free withdrawals for any reason but must pay income tax on the nonqualified amount.
The ability of HDHPs to provide healthcare has been extended through 2024 but will go away for future years unless Congress acts to continue this benefit. Taxpayers also can receive COVID-19 testing and vaccinations without triggering a deductible, but only through 2024.
Health Reimbursement Arrangements
Health Reimbursement Arrangements (HRAs) are accounts funded by your employer to help pay qualified health expenses. In 2024, employers can fund each employee’s HRA with a maximum of $2,100 in benefits, up from $1,950 in 2023.CONTACT US
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