HCSA 2020 Tax Savings Calculator

Use this form to calculate your potential tax savings by enrolling in a HCSA in 2020.  You will need your 2018 Federal and State tax returns to use this form.

Note: All items are required to perform this tax savings comparison

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1.  Choose your place of residence:

New York City Yonkers Other New York State Place Of Residence

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2.  Enter Your Expected 2020 Qualifying Expenses:

For tax year 2020, the HCSA can be used up to $2,700 for unreimbursed health care expenses for you, your spouse, and your tax dependents.

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3.  Choose your tax filing status:

Single Head Of Household Married Filing Jointly

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4.  Enter your State Salary & Wages as of January 1, 2020:

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5.  Enter your Federal Adjusted Gross Income (FAGI) from your 2018 Federal Tax Return (From 2018 Form 1040, Line 7) 1 or Estimated 2020 FAGI:

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6.  Enter your New York Adjusted Gross Income (NYAGI) from your 2018 New York State Tax Return (From 2018 Form IT-201, Line 33) 1 or Estimated 2020 NYAGI:

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7.  Enter your Federal Taxable Income (FTI) from your 2018 Federal Tax Return (From 2018 Form 1040, Line 10) 1 or Estimated 2020 FTI:

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8.  Enter your New York Taxable Income (NYTI) from your 2018 New York State Tax Return (From 2018 Form IT-201, Line 37) 1 or Estimated 2020 NYTI:

• footnote1 If you participated in the HCSA program during the tax year from which this data is taken, be sure to increase this amount by any excluded amount. ↵

Links

Federal - Internal Revenue Service (www.irs.gov)

• Publication 969 Health Savings Accounts and Other Tax-Favored Health Plans

Accuracy Statement

The information contained herein does not constitute tax advice. The estimates provided are based on income and expense data provided by the applicant and Tax Laws in effect as of July 1, 2019. For more accurate information on your specific situation, please consult your tax advisor.