Tax Question for HSA

1 Reply

I currently work a W2 job and they are offering a Health Saving Insurance plan starting in September 1st. I am going to close on the sell of a property with a good amount of profit around August 15th. My question is can I take money from this deal and put it into my Health Savings account at my W2 job to avoid paying taxes on that money?

Originally posted by @Colby Shelhorse :

I currently work a W2 job and they are offering a Health Saving Insurance plan starting in September 1st. I am going to close on the sell of a property with a good amount of profit around August 15th. My question is can I take money from this deal and put it into my Health Savings account at my W2 job to avoid paying taxes on that money?

Few things:

You have to have a high deductible insurance to open HSA accounts.  Also, there is a limit on the yearly contribution.  7k for 2019 for family coverage. 

Yes, you will get the deduction on your personal return, but you cannot think this as if you redirecting the gain to HSA and avoiding the taxes. You are just getting a deduction that you would get without your sale.