Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2019, Evan has $100 per month deducted from his paycheck and contributed to the HSA. In addition, Evan makes a one-time contribution of $2,000 on April 15, 2020 when he files his tax return. Evan also receives a 2019 Form 1099-SA that reports distributions to Evan of $3,200 which Evan used for medical expenses. Compute the effect of the HSA transactions on Evan's adjusted gross income. These transactions _______ (increase/decrease) Evan's AGI by ____
Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2019, Evan has $100 per month deducted from his paycheck and contributed to the HSA. In addition, Evan makes a one-time contribution of $2,000 on April 15, 2020 when he files his tax return. Evan also receives a 2019 Form 1099-SA that reports distributions to Evan of $3,200 which Evan used for medical expenses. Compute the effect of the HSA transactions on Evan's adjusted gross income. These transactions _______ (increase/decrease) Evan's AGI by ____
Chapter4: Income Exclusions
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Problem 42P: Tia is married and is employed by Carrera Auto Parts. In 2019, Carrera established high-deductible...
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Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2019, Evan has $100 per month deducted from his paycheck and contributed to the HSA. In addition, Evan makes a one-time contribution of $2,000 on April 15, 2020 when he files his tax return. Evan also receives a 2019 Form 1099-SA that reports distributions to Evan of $3,200 which Evan used for medical expenses.
Compute the effect of the HSA transactions on Evan's adjusted gross income.
These transactions _______ (increase/decrease) Evan's AGI by ____
Expert Solution
Step 1
Given information is:
Contribution to HSA = $100 per month
One time contribution = $2000
Used for medical purposes = $3200
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT