Individual contributions you make to your HSA that do not exceed the maximum contribution limit are tax-deductible. Because you deduct these contributions "above-the-line" when calculating your adjusted gross income, you can deduct HSA contributions even if you do not itemize deductions on your federal income tax return. You can also deduct contributions made by a family member on your behalf.
If your employer makes contributions to your HSA, these are not included in your gross income. Thus, you do not have to pay income tax on the amount contributed by your employer. However, you cannot deduct the HSA contributions made by your employer on your tax return.
Interest and earnings on amounts in HSAs are not taxable.
Investment and certain insurance products offered through INFINEX INVESTMENTS, INC. Member of FINRA/SIPC. Rhinebeck Asset Management is a division of Rhinebeck Bank. Infinex and Rhinebeck Bank are not affiliated.
NOT A DEPOSIT | NOT FDIC INSURED | NOT GUARANTEED BY THE BANK |
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | MAY GO DOWN IN VALUE |
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