It's that time of year again, and as the Idaho MSA is quickly growing in popularity you may find yourself with one for the first time. But how do you go about filing your taxes?
That's a fantastic question, and it's one we get frequently. Although we are certainly not tax professionals, we do know a thing or two about how to report the Idaho MSA on the Idaho income tax forms. Here's a quick instruction manual to help you report your Idaho MSA properly and get the deduction you deserve!
Everybody who has an Idaho MSA is going to have to file the Idaho Tax Form 39R, the Idaho Supplemental Schedule. Here's an image of Idaho Tax Form 39R, with some highlights we've made to help get our point across.
As you can see in our highlights above, line 13 is the one that pertains to the Idaho Medical Savings Account. If you have an Idaho MSA you'll need to fill in the 4 boxes that are asking for:
- Total Annual Contributions
- Interest Earned on the Account
- Financial Institution that Holds Your Account
- Account Number for your Idaho MSA
Line 13 then becomes part of your other deductions (if any), and that total will appear on line 23. As the instructions say, take line 23 from this form and apply it to line 10 on your Idaho Individual Income Tax Return, Form 40.
That's it, you're done! It's important to note here as we noted above, that we are not tax professionals and you should always consult an accountant or tax preparer to review your tax forms if you're not comfortable filing on your own. This is just a basic guideline, but we think it will help most people looking to learn how to report their Idaho MSA contributions for deduction on their Idaho state income taxes.
As always if you have any questions, please don't hesitate to contact our office! We appreciate your business and look forward to the opportunity to help.