![]() ![]() In effect you can ignore the income from the HSA that way. I can't imagine the ACA marketplace considerations are any different, but I am not a tax attorney or CPA.īTW, as grabiner alluded, the best way to make HSA accounts simple as a NJ resident is to just invest in a good Treasury money market other Federal fund so the income gets tax-exempt treatment. I am sure somewhere there is a publication that describes HSAs in some way, but it will just tell you that the HSA is a taxable saving/investment account and treat it like any other. It is not mentioned in the NJ 1040 instructions because NJ does not treat them as anything special. I didn't see any mention of HSA in the NJ 1040 instruction booklet.ĭoes it matter if my HSA was associated with insurance I purchased on the ACA marketplace and not an employer plan? Those generate a couple good threads a year on BH. Don't get me started on the insane and incomprehensible rules on municipal bonds and Treasuries. ![]() NJ truly has the most complicated, unusual and just plain counter-intuitive tax regime I have seen. Like I said, this is often missed since the rules are completely different vs. can be included in that deduction as well. Additionally, any out-of-pocket expenses for medical, dental, pharmacy, etc. The medical insurance premiums are deductible?Īlmost all workplace health, vision, dental, FRA and HSA payroll deductions are post-tax on a NJ taxpayer's paycheck (there may be exceptions in special cases I don't know about.) Because of that fact, they are deductible on the taxpayer's NJ 1040 return subject the 2% hurdle. ![]() Granted when I was working my workplace insurance premiums wasn't much. Many people miss a significant (maybe the only valuable) tax deduction from their NJ taxes. The big thing many NJ taxpayers miss is the deductibility of workplace insurance premiums on their NJ tax return. ![]()
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