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how does an hsa savings account work exactly?

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  • how does an hsa savings account work exactly?


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Answer #1 | 22/12 2013 11:41
The money that you contribute to the account is deducted from your taxable income when you contributed it. Also, when you withdraw the money, if you use it for unreimbursed medical expenses, then it is not taxed. However, if you use it for reimbursed medical expenses or you don't use it for medical expenses, then it is taxed, and there is a 20%(?) penalty.
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