TAX Time - question

kevhed72

I am using Turbotax...is a HSA the same thing as a HCSA (Health Care Savings Account?) I think this forum will provide me a better answer than the on-line chat community at Turbotax....thanks.

concealer404

For tax purposes, yes.

On a semantics level, no. HSA can only be paired with a high deductible plan, and the balance rolls over every benefit year. Not a use-it-or-lose it type thing.

Let me know if you've got any more questions related to the Health Care Industry.

kevhed72

OK...the lovely Turbotax software had me enter my HCSA amount from box 14 of my W2 earlier in the 'process' of doing my return. Now I am at the step where it is asking me "Did Kevin contribute to an HSA in 2009"....should I answer YES or NO?

concealer404

kevhed72 wrote: »

OK...the lovely Turbotax software had me enter my HCSA amount from box 14 of my W2 earlier in the 'process' of doing my return. Now I am at the step where it is asking me "Did Kevin contribute to an HSA in 2009"....should I answer YES or NO?

Oh... i see what you're saying now.

Which do you actually have? Do you have a high deductible plan with an HSA attached, or do you have a HCSA use it or lose it type deal?

If you have an HCSA, then you don't have an HSA. And vice versa. What i meant from it not being different from a tax standpoint is that i'm 99.9% sure that they both affect or don't affect your taxes in the same exact way. They're probably just trolling to see how many people are really enrolled in some type of HSA, since it's a pretty new entity. I want to say that they were created in 2004, and didn't really take off until the last year or two.

Whichever one you actually have is the one you should be giving information on, because they ARE different entities. If you fill out both, you're going to get double dipped, since i know HSA is a before tax deduction on your paycheck, and i'm pretty sure HCSA is the same.

If the tax software is differentiating between the two, you should as well.

kevhed72

I actually have a HCSA type of deal where it must be used or lost by a certain date. Perfect timing with your response, as I just answer YES but did not get too far in the process, so no big deal.

Thanks man and this forum rocks for the help people like you give....

concealer404

kevhed72 wrote: »

I actually have a HCSA type of deal where it must be used or lost by a certain date. Perfect timing with your response, as I just answer YES but did not get too far in the process, so no big deal.

Thanks man and this forum rocks for the help people like you give....

Yep. That's classic HCSA, NOT HSA.

Glad i could help. (I probably am your insurance company anyways.)

Fireman32

concealer404 wrote: »

Yep. That's classic HCSA, NOT HSA.

Glad i could help. (I probably am your insurance company anyways.)

Who do you work for?

concealer404

Fireman32 wrote: »

Who do you work for?

You have pm.