Open a Montana medical savings account before Dec. 31 and save on income taxes
December 7, 2018
Have you had any medical expenses so far this this year that weren’t covered by your health insurance policy, a flexible spending account (FSA) or your Federal Health Care Savings Account (HSA)? If so, you can still open a Montana Medical Care Savings Account (MSA) by Dec. 31 and cover those expenses. If you deposit up to $3,500, (the maximum in 2018) you can reduce your Montana adjusted gross income by that amount. Doing so will result in a tax savings of about $242 that is, if you have taxable income above $17,900.
This is really a good deal for Montanans! Thank your legislators. Yet, i...