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another HSA and tax question

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  • another HSA and tax question

    Sorry if this is a redundant question but I couldn't find if this was answered previously. I am an independent contractor, my boss pays my corporation (I am the only employee of my corporation) via 1099, my corporation pays me via W2. I opened up an HSA myself for 2016 since I am on a high deductible plan. My question is, is it more beneficial for my corporation to fund the HSA for me (deduct as a business expense?) or deduct it from my personal tax return as a contribution?

  • #2




    Sorry if this is a redundant question but I couldn’t find if this was answered previously. I am an independent contractor, my boss pays my corporation (I am the only employee of my corporation) via 1099, my corporation pays me via W2. I opened up an HSA myself for 2016 since I am on a high deductible plan. My question is, is it more beneficial for my corporation to fund the HSA for me (deduct as a business expense?) or deduct it from my personal tax return as a contribution?
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    You have an s-corp, right? Set up a personal HSA. There is no benefit in running through the corp and it is simpler this way.

    (PS, careful using the descriptor "boss" as an IC. You are the boss!)
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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    • #3
      I actually have a PC. And I have to call her my 'boss' even though i'm her profit-sharing 'partner'.

      so just claim it as a contribution via my personal 1040 is what your saying right?

       

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      • #4
        If you have a PC, you can do it either way. The PC can provide it as an employee benefit or you can contribute all yourself. Won't make much difference either way, something to discuss with your CPA.
        Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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