Can I Still Deduct 100% of My HSA Contribution Under New Trump Tax Bill?

One of the great benefits of having a Health Savings Account (HSA) is the ability to deduct your contributions from your taxes. With the new Trump tax bill in place, many are wondering if that benefit still remains intact. The answer is yes, you can still deduct 100% of your HSA contributions under the new tax bill.

It's important to understand that HSAs offer a triple tax advantage - contributions are tax-deductible, the money grows tax-free, and withdrawals for qualified medical expenses are also tax-free. This makes HSAs a powerful tool for managing healthcare costs.

Here are some key points to consider regarding deducting your HSA contributions under the new Trump tax bill:

• Under the new tax bill, HSA contribution limits have increased slightly, providing individuals and families with the opportunity to save even more tax-free money for healthcare expenses.
• Any contributions you make to your HSA are tax-deductible, regardless of whether you itemize your deductions or take the standard deduction.
• It's important to stay informed about any changes in tax laws that may affect your HSA contributions and deductions.

By taking advantage of the tax benefits of an HSA, you can save money on healthcare costs and ensure that you are financially prepared for medical expenses down the road.

With the introduction of the Trump tax bill, many individuals are curious if they can still enjoy the tax deduction for their HSA contributions. The great news is that you absolutely can deduct 100% of what you contribute to your Health Savings Account!