1.031 -Health Savings Accounts
Item | Description | FY2010 | FY2011 | FY2012 |
---|---|---|---|---|
1.031 | Health Savings Accounts
For federal income tax purposes, the earnings in a Health Savings Account (HSA) account accrue on a tax-free basis, and qualified distributions from a HSA are excluded from gross income. Prior to the most recent Code update, Massachusetts taxed earnings in a HSA and also taxed distributions to the extent such amounts were not previously taxed by Massachusetts. As a result of the Code Update, Massachusetts adopts the federal exclusion for earnings in, and qualified distributions from, a HSA. Origin: IRC sec. 223 Estimate: Included in 1.422 |
Included in 1.422 | Included in 1.422 | Included in 1.422 |
Key:
ORIGIN | |
IRC | Federal Internal Revenue Code (26 U.S.C.) |
---|---|
U.S.C | United States Code |
M.G.L. | Massachusetts General Laws |
Rev. Rul.; C.B. | Revenue Ruling; Cumulative Bulletin of the U.S. Treasury |
ESTIMATES | All estimates are in $ millions. |
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