Welcome to the IHoP v.2

[dem beats 1,223]

I really hope I kill it this month.

[nem 2,019]

I am sure you will.

[dem beats 1,223]

For instance, if you make $100/yr but pay $42/yr in taxes would you put $5 in an HSA to still pay $42/yr in taxes?

You would only pay 39.90 to taxes though after the 5$ HSA contribution. Unless I'm missing something.

That is my understanding, and even if he still paid the full tax amount, having the money in the HSA is really helpful for long term planning.

My guess is there is a nuance I'm missing. If not, then Sean can save even more by switching.

Either way we learn stuff.

The more you know....

[dem beats 1,223]

I am sure you will.

Yeah. I think so but I try not to get cocky. Put some of the math in the hop....

[topgun 262]

Either way, employer contribution and my HSA saves me a few thousand on insurance costs. 

[Penguin4x4 1,761]

Loaded up a shaker cup with protein powder and what I thought were two cups of water; after 30 seconds of trying to mix it I went back and checked the measuring cup. Turns out I used the half cup measure instead of the cup measure.

 

first world problems, amirite?

[Penguin4x4 1,761]

[///M5 2,833]

Isn't the tax a percentage of your income? What goes into the HSA is not counted as income. It directly removes it from your income prior to taxes being calculated.

Thanks to fuckwad the calculation now only allows so much in deductions. Made no difference in tax paid when I had my taxes done both ways.

[///M5 2,833]

For instance, if you make $100/yr but pay $42/yr in taxes would you put $5 in an HSA to still pay $42/yr in taxes?

 

 

You would only pay 39.90 to taxes though after the 5$ HSA contribution.  Unless I'm missing something.

That is what I thought too, but not how it calculated out. Was still $42.

[///M5 2,833]

For instance, if you make $100/yr but pay $42/yr in taxes would you put $5 in an HSA to still pay $42/yr in taxes?

You would only pay 39.90 to taxes though after the 5$ HSA contribution. Unless I'm missing something.

That is my understanding, and even if he still paid the full tax amount, having the money in the HSA is really helpful for long term planning.

My guess is there is a nuance I'm missing. If not, then Sean can save even more by switching.

Either way we learn stuff.

The more you know....

Sure I lose the future tax benefit on gains, but you also lose the freedom and utility of the money.

[///M5 2,833]

With my health insurance as well I have no current cost. Makes it harder.

[dem beats 1,223]

You can always get the money back. You would just pay taxes and a 10% penalty. I'm completely confused on how it doesn't reduce your taxable income...

I am sure you have really skilled tax people.

[dem beats 1,223]

With my health insurance as well I have no current cost. Makes it harder.

Indeed.

You are just the second person who didn't have a benefit. The other person was in this weird specific limbo that made the HSA plan not as sweet. Every company has different rules and in this one instance it was significantly better to not take the HSA despite future benefit. The annual gain was just that much better.

Perhaps this is your scenario on top of little to no benefit from reducing your taxable income. They make it almost worthless for you to make good money.

[///M5 2,833]

Socialism. Demotivation guaranteed to ruin society

[///M5 2,833]

My Brother was the CFO for Fair Isaac, my BIL a partner in an accounting firm. I use software, but they double check/fix/recommend for me. Both WAY more detail oriented and I and utilizing HSA's.

[dem beats 1,223]

I had Olsen Thelan(sp) do my taxes for one year.... And they fucked it up. Paid a grand for a mistake.

Now the truth is I didn't give them all the right paperwork.... But they didn't tell me I missed something. Turbo tax did though.

Not that I really think TurboTax is great either. I'm just discussing my general displeasure with both.

[Godsmack 361]

Any way you slice it, taxes fuck each and every one of us.

I work hard for my money, and despise watching the Government blow my money with no direct input as to how it's spent. But, I am not able to change that in a very direct manor. Maybe some day I'll run for office and change that.

J

[lithium 358]

Edited October 3, 2013 by lithium

[jonbearsmt 919]

ah, well one day ill be loud, ill show him

Guess I am there with you Jon. He sent me a pm also.

lol how did yours goes

[///M5 2,833]

diggin' deep

[Aaron Clinton 2,372]

 this is the 8th or 9th name this fuck tard has made in the last 6 months, only to dislike all my post,  and talk weak ass shit.

Banned him yesterday morning.

[///M5 2,833]

Does he sign up with new email accounts or the same ones?

[Tirefryr 1,742]

Different free accounts. I check everyday as he is eerily similar with every account. You can usually pick him before he can post, but gets through every now and then.

[///M5 2,833]

What a small pecker he must have to go through all that BS to be an ass. I almost feel sorry for him.

[gprestonmoto 89]

I'm pretty happy with paying $38 a month for Tricare Prime. In December it goes up to $48 when the baby is born, but I'm okay with that lol.