Money you deposit in your HSA qualifies for an "above-the-line" deduction. If a relative or friend makes a gift contribution to your HSA, you still receive the tax deduction. However, you do not get tax breaks on the contributions your employer makes.

HSA contributions must be made in cash or its equivalent, including check or credit card. Rollovers or transfers of assets from an MSA or an FSA (through 2011) will also be accepted. Also, effective January 1, 2007, new rules allow for a one-time contribution to an HSA of amounts distributed from an Individual Retirement Account (IRA). The contribution must be made in a direct trustee-to-trustee transfer.

No, you can contribute in a lump sum or in any amounts or frequency you wish. However, keep in mind that the funds belong to the employee after they are deposited.

The New York Bar Foundation is a not-for-profit organization pursuant to the Internal Revenue Code, Section 501(c)(3). Gifts to The Foundation are considered charitable contributions and are tax deductible, as allowed by law.

Yes. When you give to my ministry, you are giving it through my home church. It is treated the same way as a gift to my church.

Yes. Your employer will keep track of your contributions and report them on your T4 slip as contributions to a registered pension plan. Your T4 will also show a "pension adjustment" amount. The Canada Revenue Agency (CRA) uses the pension adjustment to calculate the amount of RRSP contribution room you will have in the following year. The CRA will notify you of your RRSP room for the following year on your annual Notice of Assessment.

Yes. FLOW is a 501(c)(3) organization.Click here to see FLOW's Tax Status Determination Letter from the IRS. And here to see FLOW's Texas Exemption from Taxation Ruling.

A Health Savings Account (HSA) is an investment account from which you can draw money tax-free for medical care. HSAs are owned by the individual and grow through investments, similar to an IRA. HSAs have favorable tax treatment for contributions, distributions and earnings. They are available to individuals covered by a high deductible health plan (HDHP) and can be established to pay for family medical expenses.

Contributions to an HSA must be made in cash. For example, contributions may not be made in the form of stock or other property. Payments for the HDHP and contributions to the HSA can be made through a cafeteria plan.

You can make contributions at any time. Remember, deposits from any source cannot exceed the maximums allowed by law. You can make contributions any time up to April 15 of the NEXT YEAR and count those deposits toward your contributions for THIS YEAR. No deposits can be made until you have a qualified high deductible health plan in place.

The contributions are balanced to provide greater front-loading for employees. The timing also allows the company to expense contributions throughout the year on a fiscal quarterly basis. The federal rules surrounding HSAs and high deductible health plans do not allow the use of FSAs except for vision or dental services. You can pay for deductible expenses using HSA or out-of-pocket dollars.

Contributions for the taxable year can be made in one or more payments, at any time prior to the time for filing the eligible individual’s federal income tax return for that year (without extensions). This is generally April 15. Although the annual contribution is determined monthly, the maximum contribution may be made on the first day of the year. A married couple can make two catch-up contributions, as long as both spouses are at least age 55.