HSA Tax Savings
The purpose of the tax savings calculator is to estimate your tax savings on your Federal and State Income taxes if you plan to open a health savings account.
The real advantage of contributing into a Health Savings Account is to help your current tax situation.
This calculator combines your contributions including catch-up contributions (if you are 55 to 65) for a period of up to five years.
HSA Tax Savings Calculator
Enter the contribution amount into your HSA account per year
-For 2007, the maximum contribution amount is $2,850 for Single Coverage
-The contribution amount increases by $50 per year after 2007 for Single Coverage
-For 2007, the maximum contribution amount is $5,650 for Family Coverage
-The contribution amount increases by $150 per year after 2007 for Family Coverage
Enter the Catch-Up Contribution amount per year (If you are age 55 to 65)
-For 2007, the maximum Catch-Up Contribution is $800 for Single Coverage
-The Catch-Up amount increases by $100 per year after 2007 for Single Coverage
-For 2007, the maximum Catch-Up Contribution is $1,600 for Family Coverage
-The Catch-Up amount increases by $200 per year after 2007 for Family Coverage
-Enter 0 if you are under age 55.
Enter the Marginal Income Tax Rate (Federal)
-See the Filing Status and Marginal Income Tax Rate Table for 2007
Enter the Marginal Income Tax Rate (State)
-Marginal State Income Tax does not apply to WI, AL, CA and NY
-Enter 0 for the above states
Enter 0 for all fields that do not apply.
Click Calculate
-Displays the Tax Savings amount per year for a period of up to five years
-Displays the Accumulated Tax Savings amount per year for a period of up to five years
Savings
The purpose of the Savings Calculator is to estimate how much savings you are able to accumulate over time (Total Contributions less withdrawals for medical expenses) plus the balance of the amount deposited into your HSA account for a period of up to five years.
The real advantage of contributing in a Health Savings Account is tax-deferred compounding of your investment earnings over the long term.
It also adds the Tax Savings to display the Accumulated Total Savings amount per year for a period of up to five years.
Savings Calculator
The contributions to your HSA and the catch-up contributions are automatically imputed by the system from the Tax Savings Calculator
The total contribution is automatically displayed by the system
Enter the withdrawals for Medical Expenses
-The system will automatically display the Net HSA contribution (Total Contribution less withdrawals per year) plus your previous year’s Net HSA contribution, if any.
Enter the Expected Annual Return on Investment
-The system will automatically display the future value of your HSA contribution.
-The Accumulated Tax Savings is automatically inputted by the system from the Tax Savings Calculator
Click Calculate after the last entry
-Displays the Total Savings (Accumulated Tax Savings plus Future Value of Your HSA contribution per year for a period of up to five years