Multiple Choice
Which of the following statements regarding Health Savings Accounts is incorrect?
A) Taxpayers are allowed to deduct contributions to a health savings account for AGI.
B) All taxpayers are eligible to establish a health savings account.
C) Distributions from a health savings account are excluded from gross income if used to pay qualified medical expenses.
D) Health savings account contributions are limited to the lesser of 100% of annual deductible under a high-deductible health plan or $3,400 for taxpayers without family coverage.
Correct Answer:
Verified
Correct Answer:
Verified
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