Being a citizen of a state without harmonization between federal government and health savings account (HSA) tax treatment, what should I do to compute my federal taxes and state taxes correctly?
Being the owner of HSA, you have to maintain record which will be appropriate to HSA contribution and the accounts earnings which will be considered as the state income tax, this will lead the distribution to be tax free because the contributions have already been taxed in state level. You have to maintain a permanent record of : the deduction made to HSA at the federal level; the amount of income produced within the given year and finally the income amount reported every year for state income tax purposes.
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