For the 2021 tax year, the federal gift tax exclusion is $15,000. If you contribute to a 529 plan-which can be used to either build up savings for higher education or prepay a future student’s tuition-Pennsylvania allows you to take a deduction up to the federal gift tax exclusion per beneficiary. Contributions to 529 College Savings Plans If you were eligible for only part of the year or changed plans during that time, you could contribute only a portion of your health plan’s deductible amount in 2021.
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However, you can take the full write-off only if you were eligible for high-deductible health plan coverage and remained on the same plan for the entire year. With an Archer MSA, you could contribute up to 75% (65% for self-only plans) of the annual insurance deductible for your HDHP. Those tax-advantaged accounts work in tandem with high-deductible health plans (HDHPs).įor the 2021 tax year, you could contribute up to $3,600 to an HSA (up to $7,200 for family coverage). Pennsylvania follows the federal rules for deducting contributions to health savings accounts (HSAs) and Archer medical savings accounts (MSAs). However, the state offers the opportunity to make a few deductions against your taxable income by itemizing, including: Contributions to medical and health savings accounts Pennsylvania doesn’t offer a standard deduction. Income Tax Deductions for Pennsylvania Standard Deduction Pennsylvania has a flat income tax rate of 3.07%. On Cash App Taxes' Website Pennsylvania Income Tax Rate Here is a list of our partners who offer products that we have affiliate links for. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. Second, we also include links to advertisers' offers in some of our articles these “affiliate links” may generate income for our site when you click on them.
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