HSA (Health Savings Account)

[krishan]

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FWIW, if you file as a pro, you don't need an HSA to deduct health care expenses. The great thing about HSA is you don't have to pay taxes on any gained interests and thus theoretically, you could have a huge account saved for health care expenses after your poker playing [or self-employed] days.

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I wasn't sure you could just deduct health care expenses as a pro. I know you can do insurance premiums but wasn't sure about other expenses.

Also, what about elective procedures? I'm pretty sure I can't just deduct laser eye surgery from income.

Krishan

[Jimbo]

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I wasn't sure you could just deduct health care expenses as a pro. I know you can do insurance premiums but wasn't sure about other expenses.


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You are correct, they can only be deducted to the extent that they qualify for under your itemized deductions (over 7% of the medical expenses) if you are a sole prop or partnership.

Jimbo