What MEDICAL SAVINGS ACCOUNT (MSA) means: An Archer MSA is a tax-exempt trust or custodial account that you set up with a U.S. financial institution (such as a bank or an insurance company) in which you can save money exclusively for future medical expenses. To patrticipate in an Archer MSA you must be either self-employed or an employee of an eligible small employer. MSA contributions are deductible, subject to limits, as an adjustment to income.
- Definition Main Home:
- Dictionary See "principal residence," defined elsewhere in this glossary medical savings account (msa) definition.
- Definition Medical Expenses:
- Dictionary expenses of an individual, spouse, and dependents are allowed as an itemized deduction to the extent that such amounts (less reimbursements) exceed 7.5 percent of adjusted gross income medical savings account (msa) explain.
- Definition Moving Expenses:
- Dictionary income permitted to employees and self-employed individuals who move for work-related reasons, providing certain requirements are met. Form 3903 is used to compute deductible moving expenses medical savings account (msa) what is.
- Definition Modified AGI (MAGI):
- Dictionary gross income (MAGI) is a figure used to figure the limit on an exclusion or deduction allowed in computing adjusted gross income. Depending on the item for which MAGI is being computed, certain items medical savings account (msa) meaning.
How works Medical Savings Account (MSA meaning in Tax definitions M .
