Archer Medical Savings Account

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Archer Medical Savings Account

An account into which one makes tax-deferred contributions that can be used for present and future medical expenses. An Archer MSA is used in conjunction with an insurance policy with a high deductible. An Archer MSA may be used in order to offset the high deductible on one's other insurance policy.

One does not pay taxes on withdrawals from a health savings account, unless one withdraws funds for a non-medical reason, in which case they are taxed as ordinary income. If one is under 65, there may also be a penalty associated with a non-medical withdrawal.
References in periodicals archive ?
Safra Asset Management Corporation ("JSAM"), an investment advisor, and Market Street Advisors ("MSA"), a technology and services innovator for the investment management industry, today announced that JSAM has selected MSA's Archer MSA investment management platform and a full suite of operational services from MSA Ops, further enhancing JSAM's asset management expertise and strengths.
If you purchase ineligible items using another type of health savings account, like an HSA or Archer MSA, those medical expenses will be included in your gross income and be subjected to an additional tax of 20%.
Increases the tax on distributions from a health savings account or an Archer MSA that are not used for qualified medical expenses to 20 percent of the amount used.
An Archer MSA is a high-deductible health insurance plan combined with a side account for qualified medical expenses.
Within limits, contributions to an Archer MSA are deductible in determining adjusted gross income if made by an eligible individual and are excludable from gross income and wages for employment tax purposes if made by an eligible individual's employer.
Banks, insurance companies and other entities eligible to act as IRA or Archer MSA custodians can serve as HSA trustees or custodians.
Healthcare And Health insurance-- Exclusion for healthcare cost reimbursement - Costs of over-the-counter medicines may not be reimbursed with excludable income through Health FSA, HRA, HAS, or Archer MSA (2011)- Exclusion available for dependents to age 26- Deduction for self-employed in calculating self-employment tax-Health insurance - Extension for uninsured young adults, limits on preexisting condition exclusion
1099-S Proceeds From Real Estate Transactions 1099-SA Distributions from an HSA, Archer MSA, or Medicare Advantage MSA 3921 Exercise of an Incentive Stock Option under Section 422(b) 3922 Transfer of Stock Acquired through an Employee Stock Purchase Plan under Section 423(c) 5498 IRA Contribution Information 5498-SA HSA, Archer MSA, or Medicare Advantage MSA Information
At the same time, PPACA increases the tax on distributions from a health savings account or an Archer MSA that are not used for qualified medical expenses to 20% (from 10% for HSAs and from 15% for Archer MSAs) of the disbursed amount.
Like MSAs, in addition to banks and insurance companies, persons may be approved as HSA custodians under the IRA nonbank trustee rules; existing IRA or Archer MSA trustees or custodians are automatically approved.
a software development company and producers of TaxBrain Online Tax Preparation, "Through the use of a Health Savings Account (HSA), the taxpayer can contribute up to $5,150 for a family or $2,600 for an individual and deduct an equal amount on the tax return, barring any contributions made by the employer, or if an Archer MSA is being maintained.
5, 2013 /PRNewswire-iReach/ -- Market Street Advisors, a technology and services innovator for the investment management industry, announced that First Light Asset Management, LLC (First Light) has selected the Archer MSA investment management platform and a full suite of operational services from MSA Ops to support its recently launched business.