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HSA tax?!

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  • Avatar G 
    Participant
    Status: Physician, Small Business Owner
    Posts: 1469
    Joined: 01/08/2016
    Earnest refinancing bonus

    I do not live in NJ or CA and was not aware that these states taxed HSAs.  Apparently, your other taxes are insufficient…wowzah!

    https://thefinancebuff.com/california-new-jersey-hsa-tax-return.html

    #171598 Reply
    Avatar Peds 
    Participant
    Status: Physician
    Posts: 3626
    Joined: 01/08/2016

    yea just got that email as well.

    #171601 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 7331
    Joined: 01/09/2016

    oh, yeah – hard to believe, isn’t it? But, then again, it’s CA and NJ 😈 .

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
    https://fox-cpas.com/for-doctors-only/

    #171608 Reply
    Avatar spiritrider 
    Participant
    Status: Small Business Owner
    Posts: 1710
    Joined: 02/01/2016

    AL went away for 2018, but TFB missed that TN still has the Hall tax, but being phased out; 18 = 3%, 19 = 2%, 20 = 1% and 21+ gone.

    #171628 Reply
    Hank Hank 
    Moderator
    Status: Attorney
    Posts: 1190
    Joined: 03/27/2017

    Yep, one of the worst phrases out there when filling out your taxes on the Left Coast is “California does not conform” to federal tax laws.

    HSAs are taxed and there’s no credit or deduction for 529 contributions.  We can’t have the citizenry be responsible and plan to pay for their own health care costs and higher education, can we?  😛

    #171657 Reply

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