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Increased Tax on Nonqualifying HSA or Archer MSA Distributions
- Posted on July 6, 2010
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Long Island CPA Firm Offering Tax and Financial Advice
The additional tax for HSA withdrawals for other than qualified medical expenses before age 65 are increased from 10% to 20%, and the additional tax for Archer MSA withdrawals for other than qualified medical expenses is increased from 15% to 20%. Distributions after age 65 are not subject to the penalty.Categories
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