TAILIEUCHUNG - Montana Medical Care Savings Accounts (MSAs)

The Federal Reserve plays a vital role in both the nation’s retail and wholesale payments systems, providing a variety of f inancial services to depository institutions. Retail payments are generally for relatively small- dollar amounts and often involve a depository institution’s retail clients— individuals and smaller businesses. The Reserve Banks’ retail services include distributing currency and coin, collecting checks, and electroni- cally transferring funds through the automated clearinghouse system. By contrast, wholesale payments are generally for large-dollar amounts and often involve a depository institution’s large corporate customers or coun- terparties, including other f inancial institutions. The Reserve Banks’ wholesale services. | Resource From Montana Medical Care MT199817HR Revised 2 12 Savings Accounts MSAs by Marsha A. Goetting . CFP CFCS Professor and Extension Family Economics Specialist Montana State University-Bozeman Brian Olsen Income Tax Specialist Montana Department of Revenue A Medical Care Savings Account MSA can provide a reduction in Montana state income tax. This MontGuide explains who is eligible what expenses are allowed and how to set up an MSA. THE MONTANA MEDICAL CARE SAVINGS ACCOUNT Act allows Montanans to save money for medical expenses and long-term health care and reduce their state income taxes at the same time. Unfortunately only percent of Montana tax filers took advantage of an MSA in 2008 and 2009. While the term medical care savings account implies a savings account a checking account or certificate of deposit is also permitted. An individual should consider how liquid the account will be at the time they expect to need the money for eligible medical expenses. An MSA must be separate from other accounts and only the account holder can have access to the funds. Joint accounts for MSAs are not allowed. In other words spouses must establish separate MSAs. The money deposited in an MSA is not subject to Montana income taxation while in the account or if used for eligible medical expenses for the account holder or his or her dependents. If an account holder does not use money deposited in his or her MSA during the year deposited it remains in the account and earns interest that is free from Montana income taxation. The money in the MSA then can be used for eligible medical care expenses in future years. Any money used in the reduction of income in one year cannot be deducted from income in a future year. Who is eligible for an MSA All resident taxpayers are eligible to establish a Montana MSA even if they have another health care plan provided by their employer or a Section 125 Flexible Spending Account or a Federal Health Savings Account HSA . A taxpayer .

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