SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online tax guide so I can thank them personally.
24961 The Old Road, 2nd Floor
Stevenson Ranch, CA 91381
Phone: 661-286-1040
Fax: 661-286-1050
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
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Stern Kory Sreden & Morgan and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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.