Health and Medical Savings Accounts

Publisher
WiseGuides, Inc
2796 Greenspire Ln
Akron, Oh 44333
Copyright © 2010

Field of Study: Taxes
Level: Basic
Recommended CPE Credit 3 hours
Prerequisites: None
Advanced Preparation: None
Type of Delivery: Self-Study
Expiration: Course expires 1 year after purchase
Course Update: January 2010
Accreditation: NASBA, IRS, CTEC, OTPB
Guarantee/Complaint Resolution

Course Outline


Lesson 1 - Health Savings Accounts
Learning Objectives 1
Overview
Tax-Exempt Trust
Benefits of an HSA
Qualifying for an HSA
High Deductible Health Plan
Family Plans
Other Health Insurance
Prescription Drug Plans
Other Employee Plans
Amount of Contribution
Last-month Rule
Rules for Married People
Medicare Eligible
Rollovers
Reporting HSA Contribution
Distributions
Qualified HSA Expenses
Recordkeeping
Reporting Distributions
Employer Participation


Lesson 2 - Medical Savings Accounts
Learning Objectives 2
Introduction
Archer MSAs
Qualifying for an Archer MSA
Employers
High Deductible Plan
Other Health Coverage
Setting Up an Archer MSA


Lesson 3 - Contributions/Participation
Learning Objectives 3
Making Contributions
Reporting Contributions
Excess Contributions
Receiving Distributions
Reporting/Paying Additional Tax
Qualified Medical Expenses
Filing Form 8853
Employer Participation MSA


Lesson 4 - Flexible Spending Accounts
Learning Objectives 4
Flexible Spending (FSAs)
Contributions to an FSA
Distributions From an FSA
FSA Transferred to HSA
Employer Participation FSA


Lesson 5 - HRAs
Learning Objectives 5
Health Reimbursement (HRAs)
Qualifying for an HRA
Contributions to an HRA
Distributions from an HRA
HRA Transferred to HSA


Lesson 6 - Health Coverage Tax Credit
Learning Objectives 6
Health Tax Credit
Qualifying Family Member
Married and Living Apart
Child of Divorced Parents
Qualified Health Insurance
Nonqualified Insurance
Other Individuals
Eligible Coverage Month
Other Specified Coverage
How to Take the Credit
Yearly HCTC
Monthly HCTC

Course Objectives

Lesson - 1
After completing this lesson, you will be able to:
  • Identify the benefits of an Health Savings Account versus Archer MSAs
  • Identify the requirements for a Health Savings Account
  • Determine the tax consequences when the last-month rule testing period is used

    • Pay particular attention to paragraphs marked by the Wiseguy.

    He'll guide you to key issues.




Lesson - 2
After completing this lesson, you will be able to:
  • Identify the rules that apply to Archer Medical Savings Accounts (MSAs)
  • Identify the small employer requirement for the allowable number of employees with regard to Archer MSAs
  • Identify the tax benefits of an Archer MSA
Lesson - 3
After completing this lesson, you will be able to:
  • Figure the taxpayer's allowable contribution to his Archer MSA
  • Determine the tax consequences when an employer makes contributions to employees Archer MSAs that were not comparable

Lesson - 4
After completing this lesson, you will be able to:
  • Identify the benefits with regard to health flexible spending arrangements (FSAs)
  • Identify the rules concerning FSA contributions
Lesson - 5
After completing this lesson, you will be able to:
  • Identify which health care program must be funded by the employer only
  • Identify the rules concerning a Health Reimbursement Arrangement (HRA)
Lesson - 6
After completing this lesson, you will be able to:
  • Identify which health insurance qualifies for the Health Coverage Tax Credit
  • Determine the percentage of premium the HCTC pays and the taxpayer pays for 2009 and 2010