tax savings calculator instructions health savings account (hsa) contribution calculator

use the hsa income tax saving calculator to determine the amount you could save in taxes.
hsa estimated income tax savings calculator
year
2007
 
2008
 
2009
 
2010
 
2011
 
* enter annual contributions to hsa
 
 
 
 
 
**enter annual catch-up contributions
 
 
 
 
 
enter marginal income tax rate (federal)
%
 
%
 
%
 
%
 
%
 
*** enter marginal income tax rate (state)
%
 
%
 
%
 
%
 
%
 
tax savings
 
 
 
 
 
accumulated tax savings
$
 
$
 
$
 
$
  $  

         

enter 0 for all fields that do not apply.
***enter 0 for marginal state income tax rate for state al, ca, nj and wi.  marginal state income tax rate does not apply to the above states.
the advantage of contributing into a health savings account is to help your current tax situation.
use the savings calculator to determine how much your health savings account (hsa) will be worth over time.
savings calculator
year
2007
 
2008
 
2009
 
2010
 
2011
 
contributions to hsa
 
 
 
 
 
catch-up contributions
 
 
 
 
 
total contributions
 
 
 
 
 
enter annual withdrawals for medical expenses
 
 
 
 
 
net hsa contribution
 
 
 
 
 
enter expected annual return on investments
%
 
%
 
%
 
%
 
%
 
future value of your hsa
 
 
 
 
 
accumulated tax savings
 
 
 
   
accumulated total savings
$
 
$
 
$
 
$
  $  

         

enter 0 for all fields that do not apply.
the advantage of contributing in a health savings account is tax-deferred compounding of your investment earnings over the long term.
you can use your hsa money tax free for eligible medical expenses.

filling status and income tax rate 2007 (federal)
tax rate married filling jointly single head of household married filling separately
10% $0-$15,650 $0-$7,825 $0-$11,200 $0-$7,825
15% $15,651-$63,700 $7,826-$31,850 $11,201-$42,650 $7,826-$31,850
25% $63,701-$128,500 $31,851-$77,100 $42,651-$110,100 $31,851-$64,250
28% $128,501-$195,850 $77,101-$160,850 $110,101-$178,350 $64,251-$97,925
33% $195,851-$349,700 $160,851-$349,700 $178,351-$349,700 $97,926-$174,850
35% over $349,700 over $349,700 over $349,700 over $174,850
 
this health savings account (hsa) calculator determines the amount you are allowed to contribute to your hsa account for the current tax year.
the amount of money that can be deposited into hsa depends on several factors:
account holder's age.
whether the person has single or family coverage.
whether the person has medicare coverage.
 
in general, if you have a qualifying high deductible health plan (hdhp) and you are not eligible for medicare, you can contribute:
* maximum family contribution for 2007 is $5,650.
*maximum family contribution increases $150 per year after 2007.
**your contribution can also be increased if you are age 55 to 65 with a maximum $1,600 "catch-up" contribution for yourself and your spouse.
**maximum 锟絚atch-up锟?contribution ignore increases $200 per year after 2007.
 
the information presented here is for informational purposes only and should not be considered as tax or legal advise or be used as such. the answers to specific questions should be directed to your attorney or accountant.
 
note: tax savings calculators on this site are provided as a convenience only. while every effort has been made for accuracy, results are not guaranteed. not all tools will work with all browsers. javascript capability required.

contact k&k insurance services for a personalized hsa analysis.

















k and k insurance services,llc · 11518 n. port washington rd., suite 204 · mequon, wi 53092 phone: (262)241-1700
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