I was hoping someone could shed some light on a tax question I have:
I have an HSA with a HDHP, and my employer contributed $1500 to this HSA this year. My family deductible was $7000, which we hit this year with the birth of our first child. I have a few questions
1.) My deductible is > 7.5%, so I can itemize this cost, correct? 2.) I'm assuming I can just withdraw the $1500 from my HSA and put it into my pocket, since it is easy to prove I incurred that costs during the year? 3.) Are you allowed to write off both contributions to an HSA, as well as your medical expenses? For example, next year, if I plan on hitting the 7K again, would it be beneficial to contribute $5500 to my HSA (which would total $7K with my employers contribution). Then at the end of the year, itemize my expenses, effectively deducting both the 7K in expenses as well as the $5500? Is this "double dipping"?Any info would be awesome.