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Archer Medical Savings Account
(redirected from Archer MSA)

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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.
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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.
New year health care round-up by The Weekly Advocate e-Newsletter
To claim the deduction, taxpayers need to use line 23 of the Form 1040, which is designated for the Archer MSA deduction.
CCH on the Form 1040: When Printing and Lawmaking Schedules Collide, ... by PR Newswire
An Archer MSA is a high-deductible health insurance plan combined with a side account for qualified medical expenses.
Health savings account: another option for paying the rising cost of ... by Hollensbe, Mary Jo / Indiana Business Magazine
 
 
 
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