Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. all the following statements concerning hsas are c

All the following statements concerning HSAs are correct, EXCEPT: A. Group of answer choices HSA...

80.2K

Verified Solution

Question

Accounting

All the following statements concerning HSAs are correct, EXCEPT:

A. Group of answer choices HSA distributions used by the participant-taxpayer for the familys medical expenses are excluded from the taxpayers gross income.

B. Any HSA distributions not used for medical expenses are subject to federal income taxes.

C. If HSA contributions are less than the prescribed limits, the account earnings are included in the account holders gross income for federal income tax purposes.

D. Contributions will be deductible even if individuals do not itemize.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

Balance the following reaction.  If we start with 34.1 g of diiodine pentoxide and react...

Physics
1.2K views

Many techniques exist to measure the surface energy between a liquid and a liquid or a...

Finance
1.2K views

1) Discuss the stability/instability of the financial system. Include: a) Four common elements in modern U.S....

Biology
1.2K views

querulous means having the quality of complaining being argumentative what is the meaning of meticulous...

Geometry
1.2K views

Triangle ABC and EFG are similar with the measurements shown G C AA 7 A...

Geometry
1.2K views

3 Solve the triangle below Round each answer to the nearest tenth 24 a C...

Basic Math
1.2K views

Part AWould kind of line would you use to graph the linear inequality: y ?2x-4Part...

Algebra
1.2K views

Given A 3 23 Express 4 and A as a product of elementary matrices EM...

Accounting
1.2K views

Please make sure you are using the DIRECT METHOD. Thanks The following...

Accounting
1.2K views

Which of the following is most important in making a short term special decision?...

Accounting
1.2K views

Kaitlyn Coughlin, owner of Tulip Time, operates a local chain of floral shops. Each shop...

Accounting
1.2K views

Sudoku Company issues 32,000 shares of $8 par value common stock in exchange for land...